More2life has introduced a series of changes designed to broaden later life lending options for advisers and their clients, beginning with a cut to the Early Repayment Charge period on its Flexi products.

The ERCs will now apply for 10 years rather than 15 on all new cases.

The Flexi range is aimed at borrowers seeking greater repayment flexibility and a clear cost structure, with options covering Flexi, Flexi Interest Reward and Flexi Premier. The lender said the shorter ERC period reflects adviser feedback and growing demand for commitments that offer more certainty for clients who may need to repay earlier due to shifts in health, family circumstances or property plans.

More2life added that the reduced ERC horizon also provides advisers with a more defined framework when assessing repayment scenarios, without altering the underlying features that have made Flexi one of the most widely used plans in the later life sector.

The 10-year ERC period applies to all new Flexi applications from today.

AGE NEXT BIRTHDAY INTRODUCED

The lender has also rolled out an Age Next Birthday function across the Air Sourcing and AdviseWise platforms. The feature allows clients to request key facts illustrations based on the youngest applicant’s upcoming age, provided their next birthday is within 50 days.

This means clients may be able to complete on a higher loan amount ahead of their birthday, and those aged 54 can request an illustration in advance of becoming eligible to complete at 55, subject to criteria.

The move comes shortly after the Horizon and Horizon Interest Reward ranges were added to the more2life suite, broadening the options available to advisers.

Dave Harris, CEO at more2life, said: “Flexi has been one of our most popular plans for many years, and this shift to a 10-year ERC period reflects what advisers have told us they need for clients.

“It reflects how borrowers are increasingly living their lives and gives advisers the option to provide their clients with a shorter ERC commitment while keeping the core strengths that make Flexi so useful in so many cases.

“Advisers have told us they want this so they can recommend a flexible, competitively-priced lifetime mortgage with built-in safeguards that align with the real-life wants and needs of their clients.

“We’ve also been able to bring in our new ANB function which opens up a wider range of options for advisers, even supporting those clients who are close to 55 in order that they can complete after their birthday.

“ANB is currently available to users of Air Sourcing and AdviseWise, with plans to roll this out across other platforms soon.

“These steps come in the same week that Horizon and Horizon Interest Reward joined our range, giving advisers even more ways to shape suitable outcomes.

“All of the above are part of the same aim at more2life. We want advisers to make more of the later life client opportunities available to them and by utilising these clearer tools, stronger options and growing levels of support from us, we believe they’ll be able to develop a much strong advisory proposition tailored to these clients.”