Phoebus Software is to supply the IT servicing platform for equity release lender More 2 Life’s new product, the Interest Choice Plan.

The bespoke servicing system will support the running of the product which allows borrowers move from a standard product to a lifetime product. The flexible Interest Choice Plan allows customers to choose the level of interest they pay, with a fixed interest rate and a lifetime drawdown facility.

The deployment is a configuration of Phoebus’s existing end to end equity release solution that was initially deployed to More 2 Life in 2008.

Paul Hunt, managing director of Phoebus Software, said: “This is a ground breaking new product which will change the equity release space and deliver the kind of flexibility this group of homeowners need. The More 2 Life team is renowned in the mortgage market for being technology focused and ahead of the game with their IT.

“The tailor made platform we have created will be perfectly capable of dealing with the high level of demand expected.”

Jon King, managing director of More 2 Life, added: “Since we first started working with Phoebus four years ago we have found their experience in UK mortgage process platforms to be first class.

“We wanted a bespoke software solution and Phoebus’s software is highly compatible with our business.”