Equity release lender More 2 Life has beaten its previous record for the number of applications processed in a single day by more than 20% and now has a pipeline of business that is double the size previously projected for this point in the year.

This rise in applications follows the launch of the More 2 Life’s new Maximum Choice Plan.

The value of applications is also on the rise, with an acceleration of nearly 20% compared to previous record highs of 2017.

Martin Heppenstall, chief underwriting officer at More 2 Life, said: “The outstanding level of applications we have received this year alone so far is a fantastic achievement and highlights once again the growing popularity of equity release. The lifetime lending sector is showing no sign of slowing down as continues to become an integral part of the UK mortgage market.

“The record volume of applications is a testament to the hard work of the whole team at More 2 Life, as well as our innovative processing systems. We invested early in our digital platforms and developed a market leading online processing system for advisers. We are now able to process more applications in a single day than we did in a whole week just a few years ago.

“We have the plans and structure in place to handle even greater future volumes as the equity release market heads towards unprecedented levels of lending. We look forward to continuing our success in the years ahead, which will undoubtedly be an exciting time for More 2 Life as the market continues to evolve.”