More2life adds new Flexi Choice lump sum plans

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Equity release lender, more2life, has launch two new lump-sum products within its Flexi Choice range for customers aged 65+.

The two additional plans – called Flexi Choice Lump Sum Max 2 and Flexi Choice Lump Sum Max 3 – will sit alongside the existing Lump Sum Max 1 option.

The new plans will be available with the same criteria and fully-automatic lending features as the rest of more2life’s Flexi Choice range. The products will be suitable for homeowners who are looking to borrow at least £10,000, up to a maximum of £1m, with LTV ratios ranging from 5% to 48%.

more2life’s existing Flexi Choice Lump Sum Max 1 product features a 3.05% Monthly Equivalent Rate (MER) and 3.09% Annual Equivalent Rate (AER) when a fee is charged and a 3.08% MER and 3.12% AER when a loan is offered fee free.

Stuart Wilson (pictured), corporate marketing director at more2life, said:“With increasing numbers of people considering how their housing equity can support their long and short-term needs in later life, we are focussed on offering improved flexibility and support for our customers.

“Product innovation and development remain priorities at more2life and the addition of two new competitive lump sum Flexi Choice products will help to ensure that more customers are able to find a plan which reflects their unique needs.

“Over the coming years, our aim is to continue pioneering the development of modern lending solutions to ensure advisers across the UK can secure the best possible outcomes for their clients.”

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