More 2 Life has expanded drawdown options for clients qualifying for enhanced rates by adding it as a option for people looking for maximum withdrawal.

Its Enhanced Plus product now offers drawdown and lump sum options with the additional benefit of the lender’s protected equity guarantee which enables them to protect inheritances for family.

Further enhancements across its product range also include increases in maximum loan-to-value limits of up to 2.6% at a variety of ages.

At age 60 rates are increased to At age 65, for instance, maximum LTVs are now 30.45% compared with 29% previously on one product while at age 80 LTVs increase to 44.1% from 42%.

The lender estimates around 25% of equity release customers would qualify for enhanced terms.

Jon King, managing director of More 2 Life, said: “Expanding the drawdown options for clients adds further choice and flexibility reflecting demand across the equity release market.