More 2 Life has reduced its arrangement fees following adviser and customer feedback.

Customer and adviser demand showed that some struggled to pay for initial fees and were concerned about paying upfront for applications.

Customers no longer pay the £695 arrangement fee on the retirement specialist’s Tailored Choice plan for initial advances above £50,000 and can also benefit from an additional cashback of at least £500 on loans above £75,000.

The trial offer is subject to funding availability.

Stuart Wilson, marketing director at More 2 Life, said: “We’ve been listening to advisers and the clear message from them paying upfront charges can sometimes be difficult for customers and that plans needed to change to reflect that.

“Making plans free at the start specifically addresses that issue and should help advisers when outlining the costs and benefits of equity release to customers by making presentations simpler as they do not need to factor in arrangement fees.”