More 2 Life now has £3 billion worth of loans under management, after a record year of growth in 2019.

The equity release lender completed almost £1bn of new loans and launched a series of new equity release plans including its fifth product portfolio – Prime Choice – with its fifth funder.

In 2019 alone, the lender developed and launched five new lifetime mortgage plans to provide customers with flexible solutions to help meet their individual lending needs and achieve better outcomes. The five products launched this year include Prime Choice, Prime Plus Lump Sum, Tailored Plus, Maximum Choice Lite and Capital Choice Lite.

More 2 Life expects to continue achieving high levels of growth as more and more older borrowers turn to equity release to help boost their income in retirement.

Dave Harris (pictured), CEO at More 2 Life, said: “Hitting £3bn of loans under management since the launch of More 2 Life is a fantastic milestone. To have achieved this goal within a year of reaching £2bn in lending is a phenomenal accomplishment, especially given that after years of double digit growth the market has started to slow. A combination of product innovation and hard work from the entire team at More 2 Life has enabled us to grow our business to new heights.

“However, more is yet to come – the retirement lending market is barely scratching the surface of the increasing demand from consumers. As the industry evolves, we are committed to launching a series of new initiatives and driving product innovation even further, as we continue to work with advisers to ensure unlocking equity is seen as a viable option when discussing retirement planning with clients. Next year looks certain to be an exciting time for the equity release sector and More 2 Life is committed to being at the forefront of pushing the industry forward.”