more2life has announced the launch of its latest lifetime mortgage, Capital Choice Ultra Lite.

The product will be available to borrowers aged between 55-95 years old and will be especially relevant to homeowners looking to secure substantial loans against high value properties.

The news follows the launch of two new lump sum only plans within more2life’s Flexi Choice product range as the lender continues to develop lending solutions for older homeowners.

The Capital Choice Ultra Lite plan features a wide range of competitive rates (starting at 2.36% MER) and loan-to-value (LTV) options. Borrowers can access loans from £300,000 to £1.5m in value on properties worth between £779,000 and £5m. The product is available via a drawdown or lump-sum agreement and features the option to repay up to 10% of the capital each year free of ERCs from the outset.

Other product features include downsizing protection, fixed early repayment charges (ERCs), and ERC exemption for joint cases redeemed within three years of the death or admission into long-term care of the first borrower.

Stuart Wilson, corporate marketing director at more2life, commented: “With the significant house price inflation that we have seen over the last twenty years, there are more people than ever who are ‘property-rich but cash-poor’. This issue has only been exacerbated by the coronavirus crisis so we have looked to develop innovative and flexible financial solutions so that advisers are well-equipped to serve this demographic.

“As part of that aim, we are continually looking for ways to deliver products that accurately meet the individual needs and circumstances of borrowers. We are confident that the launch of our Capital Choice Ultra Lite product will further support advisers looking to meet the requirements and demands of older homeowners, particularly those with high-value properties.”

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