More 2 life has again reduced rates on its Enhanced equity release plan, the second cut in just over a month.

The rate cut was to 6.6% from 6.78% and means rates have fallen by 0.28 percentage points since the start of April.

On its Enhanced Plan, customers are assessed for different levels of medical and lifestyle impairment including weight, smoking, general health and early retirement, due to ill-health, with someone aged 65 on the maximum level of impairment entitled to a maximum LTV of 45.1%.

Jon King, managing director of more 2 life, said: “We are able to respond quickly to market movements by passing on benefits to customers and intermediaries.

“The second rate cut within just over a month demonstrates that pricing is being driven by the interest rate environment which points towards long-term low rates.”