more2life has announced the launch of a refreshed “Tailored” plan range to support older borrowers with flexible lending solutions.
The equity release lender stated that its new ‘Tailored Enhanced’ and ‘Tailored Lifetime’ plans will replace the current ‘Tailored Plus’ and ‘Tailored Lite’ plans respectively. The new plans will also offer fixed early repayment charges (ERCs), replacing the former gilt-based ERCs.
ERCs in the first year of the loan will start at 10% and decrease by 1% each succeeding year for the first 10 years, remaining at 1% until year 15 and then 0% thereafter, more2life revealed.
“Over recent years, product innovation has been a key driver in the growth of the equity release market as lenders seek to provide customers with an extensive range of options,” commented more2life corporate marketing director, Stuart Wilson.
“more2life is no exception and we are confident that the changes we are introducing to our Tailored range will be met with enthusiasm by the adviser community.
“While gilts can offer some customers a good deal depending on the timing of redemption, for borrowers who would like greater control over repayments – particularly in the current climate – the refreshed Tailored range will give them exactly that.”
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