More 2 Life says it is on track for over £1bn of loan applications in 2018.

The firm cited the launch of new plans as well as further improvements to existing products and processes as being behind this target.

This comes off the back of the lender announcing in 2017 that they had reached £1bn worth of lending since launch.

So far this year it has launched Maximum Choice, a product which includes the ability for clients to repay up to 12% of their loan each year without incurring penalty.

It has also developed new lump sum versions of its popular Flexi Choice Product and improved its Tailored Choice plan to provide up to 5% cashback.

Following recent updates to its underwriting process, More 2 Life can now also approve more non-standard cases – including ex-local authority, solar panels and Grade II listed properties.

Dave Harris, chief executive officer at More 2 Life, said: “There is no doubt that this an exciting time for the expanding equity release market, and we are committed to growing the industry further by being at the forefront of product innovation.

“Our new lump sum plans, the phenomenal success of our latest plan, Maximum Choice, and changes to our existing products highlight our dedication to delivering greater choice to customers, ensuring they can find the right borrowing solution to meet their needs.

“Our recent run-rate of applications would put us at over £1bn for the year. When you consider that in 2017, we celebrated hitting £1bn worth of lending since launch this is a fantastic milestone for us. It highlights how fast this market is growing and how many more consumers have a better financial outcome in retirement with the help of equity release.

“However, with the number of borrowers in retirement set to grow, more needs to be done to help boost the equity release industry and make it a larger proportion of the mortgage market as a whole. We will continue to work with our funding partners to ensure the products demanded by consumers and advisers are delivered to the market timely and cost effectively.

“Through these relationships, we were able to turn 75% of ‘no’ cases into ‘yes’ decisions in Q4 2017.”