More 2 Life has once again reduced rates with a new monthly interest rate of 4.49% on its Capital Choice Plan.

The equity release lender is also waiving the arrangement fee for applications received before the end of September.

Earlier this month, More 2 Life reduced interest rates to 4.69% on its Capital Choice Plan.

The waiving of arrangement fees till the end of September will save customers £500. There is also a cashback option that gives clients a further 2% of their loan as a cash sum with a rate of 4.99% MER, for loans over £35,000.

Stuart Wilson, channel marketing director at More 2 Life, said: “It is great to be in a position to reduce rates on our Capital Choice Plan even further, as this decision clearly demonstrates our commitment to putting our customers first.

“The waiver of the arrangement fee will enable more consumers to use our service and allow them to enjoy all the benefits of an equity release deal.

“We will continue to offer competitive deals for our intermediaries and their clients to ensure there is a wide range of choice out there in the market.”