More 2 Life is adding fixed early repayment charges (ERCs) to its Capital Choice Plan in addition to the current 10% ERC–free partial repayment option.

This is the first time the equity release lender has offered fixed ERCs on an open market product.

The ERCs are 5% in years one to five; 3% in years six to 10 and 0% from year 11 onward​.

More 2 Life’s Capital Choice Plan is a lump sum lifetime mortgage that offers a low rate of interest and a flexible partial capital repayment option. It is suitable for clients who are looking for a higher lump sum and the ability to make partial capital repayments from day one if they want to.

This announcement comes after a record year for More 2 Life and the equity release industry as a whole. The lender doubled its market share in 2016, from 7% in 2015 to 15% in 2016. More 2 Life also saw the value of its completions double with a 108% increase on 2015, and a 63% increase in the number of applications it received.

Dave Harris, managing director at More 2 Life, said: “It is great to be able to announce this new feature on our Capital Choice Plan as we continue to work closely with our intermediaries to develop products that they and their clients really want. With the equity release market growing steadily, it is important that lenders drive innovation in the sector to allow a greater number of borrowers to access the wealth currently tied up in their homes.

“Property wealth is likely to account for a significant proportion of a client’s overall wealth, so it’s crucial that retirees have a greater range of options available to them. At More 2 Life we will continue to bring innovative products to the market to suit individual retirement needs and offer competitive deals for our intermediaries.”