More 2 Life has introduced its Tailored Choice Plan providing personalised plans and rates.

The lender says it has a simplified underwriting process to ensure advisers can receive quick decisions on whether clients qualify for enhanced loan-to-values on health grounds potentially worth up to 50% of their house value.

Tailored Choice also offers a Guaranteed Inheritance Feature as standard for all drawdown customers that ensures a share of the property value can be passed on to beneficiaries when clients die or go into long-term care.

More 2 Life believes Tailored Choice will “substantially increase” the use of enhanced plans which currently account for around 13% of the equity release market which hit an all-time high of £1.38 billion lent on more than 21,000 plans in 2014.

Dave Harris, managing director at More 2 Life, said: “People need more flexible options for retirement income and the option of accessing property wealth as the cornerstone of retirement planning will continue to grow.

“However every client is different and they need solutions that can be tailored to meet their individual needs, both now and in the future. This plan allows inheritance planning to be factored in so the property can be utilised to care for loved ones in future.”

Customers can release either a tax-free cash lump sum from the property or a smaller up-front sum and then take cash in stages as and when it is needed.

The minimum age is 55 and the minimum property value is £60,000 with a maximum of £750,000. The minimum loan is £15,000 and minimum additional drawdown amounts are £5,000, and more 2 life will consider loans against a wider range of properties than considered by some other lenders.