More 2 Life has introduced two new products to its equity release offering.

The lender’s new drawdown product – Tailored Plus – is an update of its Tailored Choice plan and is available through advisers for all homeowners aged 55 and over with a minimum property value of £70,000.

It also includes features such a flexible partial repayment option to help customers manage their debt.

Other product features include:

• A three-year early repayment charge (ERC) exemption for joint life cases in the event of a spouse/partner passing away or going into long term care
• A drawdown facility from just £2,000
• Cashback available for customers of up to £6,000
• The partial repayment option allows ERC-free repayments of up to 10% of the initial loan from day one (deducted from the outstanding balance), with up to six payments allowed per 12-month period

The lender has also launched its lump sum plan, Prime Plus, for all homeowners aged 60-84 years old with a minimum property value of £100,000. The newest equity release product is an update of More 2 Life’s Prime Choice offering and offers customers a low interest rate and a flexible partial capital repayment option.

Other features include:

• Loan to value ratios (LTVs) of up to 56%, making it one of the highest available on the market
• An uncapped Guaranteed Inheritance Feature, allowing borrowers to protect a percentage of their home’s future value as inheritance
• Partial capital repayment option of 10% from day one, with payments of minimum £50
• Early Repayment Charge (ERC) exemption for those who are downsizing
• Cashback available for customers of up to 3%

More 2 Life has also updated Prime Choice which, launched earlier this year, by increasing LTVs for homeowners aged 55-59 years old by 1%.

Dave Harris (pictured), CEO at More 2 Life, said: “The launch of our two new plans once again highlights our commitment to driving innovation in the market and offering clients a range of products that include a number of useful features.

“By working closely with advisers, we have built on our popular Tailored Choice and Prime Choice products to develop our latest offerings and meet the changing needs of today’s retirees.”