More 2 Life has launched Maximum Choice Lite, which offers lower rates and a wider range of loan to value (LTVs) ratios.

Building on its Maximum Choice product portfolio, More 2 Life is now offering Maximum Choice Lite which includes low interest rates from 4.56% MER for a one-off lump sum payment and 4.71% MER for flexible drawdown.

LTV ratios range from 22.5% to 51%.

This new product option contains all of the same features of the main plan:

• Partial capital repayment option of 12%, with payments of £50 or above allowed from day one, payable by cheque, debit card or Standing Order
• Minimum drawdown of just £500
• Early Repayment Charge (ERC) exemption for those who are downsizing
• Guaranteed Inheritance Feature, allowing borrowers to protected a percentage of their home’s future value as inheritance
• Fixed Early Repayment Charges (ERCs) for 5-10 years
• ERC exemption for joint life cases in the event of a spouse/partner passing or going into long-term care

Maximum Choice is available for homeowners aged over 55 with homes valued at between £70,000 and £5m.

Dave Harris (pictured), chief executive officer at More 2 Life, said: “The launch of Maximum Choice Lite highlights our commitment to product innovation within the equity release market, especially in the very high LTV end of the market where this product sits. It also clearly shows that we are listening to advisers and clients by providing new products to suit customer needs.

“The new LTV range provided by Maximum Choice Lite allow clients to release the most appropriate amount of equity from their home as cost effectively as possible whilst incorporating desirable product features such as early repayment charge exemptions, guarantee inheritance protection and a low minimum drawdown.

“Product innovation in the equity release sector, such as Maximum Choice Lite, provides new opportunities for those either in retirement or planning their retirement finances.”