More 2 Life is adding a drawdown option to its equity release product range.
It provides improved terms for customers as they can now more easily access cash for future needs.
More 2 Life says the response to the product since launch in June has shown more customers than expected qualify for the enhanced terms offered. Initially More 2 Life expected 30% of customers to qualify – sales so far show 45% of customers qualify.
More 2 Life returned to the equity release market after agreeing an initial £250 million funding deal with Partnership, one of the UK’s leading providers of financial solutions for people living with health and lifestyle conditions.
Its minimum initial cash release is £15,000. Minimum property values are £70,000 and there is no maximum.
Paul Wilson of More 2 Life, said: “The addition of drawdown further strengthens our product range and is strong evidence that the equity release market is set for growth as confidence returns.
