More2life has launched a new suite of online tools to support advisers in finding the best equity release products for their clients in the current challenging environment.
They have been launched following adviser feedback, calling for improved integration of LTV and repayment tools to allow for more flexibility. In addition to this the more2life website has been refreshed with a new streamlined, modern design which includes an improved Learning Lab, easy access to product information as well as adviser tools and its latest news and research.
As part of this, the Local Intelligence Tool has also been refreshed to include the most up to date figures. Changes to the Max LTV Calculator have also been made so in addition to providing the minimum and maximum LTV release across more2life’s range, it also now displays the maximum release possible across each product type to aid plan comparisons.
The Retained Equity Tool allows an adviser to show the impact of making repayments in terms of the difference this makes to the overall debt, set against house value over a given timescale. It allows flexible calculations by enabling advisers to set specific (even multiple) repayment periods and payment amounts, plus program in future drawdowns to give a highly accurate picture of the overall debt accrual over time. It also includes a print function, allowing advisers to output the data from the tool.
Les Pick, director of manufacturing and adviser proposition at more2life, said: “At more2life, we are committed to listening to advisers and trying to find the best way to support them as they help their clients. Following feedback that better LTV and repayment calculators would be a useful discussion tool to help them navigate the current complex market, we’re delighted to launch our new online toolset.
“At a time when clients may be more anxious around their financial options, we hope that being able to provide simple, clear data on the benefits and costs of equity release will enable advisers to best explain the options available. Equity release is a powerful tool for many over-55s to augment their income or provide financial support to families or friends, and we want to make it as accessible and transparent as possible as the cost of living continues to rise.”
