More2life has launched a new lifetime mortgage, Omni, designed to give advisers and older homeowners greater flexibility and access to borrowing.
The lender said Omni represents its most inclusive product to date, with loan-to-values (LTVs) of up to 55.3%, broad lending criteria, and enhanced overpayment options. The product is available immediately through more2life’s distribution partners and sourcing systems.
Omni allows loans ranging from £20,000 to £1.82 million on properties valued between £100,000 and £3.5 million. Applications are accepted up to the age of 89. The mortgage comes with a six-year early repayment charge structure – the shortest in more2life’s range – and permits voluntary overpayments of up to 15% annually, which the lender said is market-leading.
Property eligibility has also been widened, with acceptance of annexes, studio and basement flats of at least 30 square metres, ex-local authority homes, and certain modern methods of construction. Multiple title properties and limited single skin wall construction are also permitted, subject to valuation and compliance checks.
Borrowers with land of up to 10 acres can be considered, provided it is consistent with residential use, while those with up to five unsatisfied County Court Judgments totalling no more than £10,000 may also be eligible if they are settled on completion. Limited personal business use of the property is also allowed.
The launch follows more2life’s recent brand refresh and the rollout of ProView, its pre-valuation underwriting service aimed at speeding up property suitability assessments.
Dave Harris (pictured), chief executive of more2life, said: “As the later life lending market matures, advisers are rightly looking across the full spectrum of product options to deliver better outcomes for their clients.
“With Omni, we’ve built a product that responds directly to the needs advisers are seeing every day – whether that’s homes with non-standard construction, high LTVs, or those looking for greater flexibility around borrowing and repayments.
“This product sits alongside the broadest range of later life lending products in the market, with highlights such as Flexi Interest Reward and Tailored Interest Reward, and it reinforces our long-term commitment to providing the right lifetime mortgage solutions for every type of client.
“But we know advisers need more than just good products, they need great tools too.”
