Lifetime mortgage lender more 2 life has surpassed £1 billion of lending, along with a substantial total loan book value.
According to figures released by the Equity Release Council, the lender’s performance comes after the later life lending market generated record annual growth during the first half of 2017.
This lending milestone follows a constant growth period for more 2 life. The lender aims to make equity release a central part of retirement planning by creating value for money products, which assists older borrowers with their own individual lending needs to achieve better results.
With the equity release market rapidly evolving, more 2 life has also aimed to encourage advisers to raise awareness of the benefits of retirement lending with their clients, while highlighting the crucial role these advisers play within the industry.
Dave Harris, CEO of more 2 life, said: “Achieving £1 billion of lending since the launch of more 2 life is a fantastic milestone. The lifetime lending sector is becoming increasingly mainstream in the UK mortgage market, amid greater innovation from existing lenders in response to an influx of new lenders and increasing market demand from older homeowners.”
He added: “As the market evolves, more 2 life will drive further product innovation and will continue important work with advisers to ensure unlocking equity is seen as a relevant option when discussing retirement planning with clients.”
“This achievement is a testament to the whole team at more 2 life who have worked tirelessly with customers and advisers as we’ve built our business. However, we think there’s lots more to come – the retirement lending market is barely scratching the surface of the latent demand from consumers.”
‘The Bigger Picture’ encourages advisers to think outside the box when discussing equity release with their clients. The launch of more 2 life’s market online portal, developing the fastest commission payment process, as well as its web-based ‘Learning Lab’, shows its desire to build relationships with industry partners.
Harris concluded: “As the market evolves, more 2 life will drive further product innovation and will continue important work with advisers to ensure unlocking equity is seen as a relevant option when discussing retirement planning with clients.”
“We look forward to continuing our success in the years ahead, which will undoubtedly be an exciting time for both more 2 life and the wider equity release market in the UK.”