Equity release lender More 2 Life is increasing maximum loan sizes by a third and cutting rates as it moves to increased individual underwriting.

Customers are now assessed for different levels of medical and lifestyle impairment with rates cut by 0.2 percentage points and maximum loan-to-value deals increased by up to 11 percentage points.

Someone aged 65 on the maximum level of impairment can now access a maximum LTV of 45.1% compared with 34% previously and at 70 LTVs are a maximum 50% compared with 39% previously.

More 2 Life says its focus on individual underwriting taking into account factors such as weight, smoking, general health and early retirement on ill-health grounds enables More 2 Life to offer higher LTVs.

Jon King, managing director of More 2 Life, said: “Equity release needs to adapt to changes in lifestyles and increased longevity by providing more flexible and tailored solutions.