More2life announced that a sixth product will be added to its innovative range of services. The new product goes by the name of Apex and it has been designed to meet the needs of those wanting an equity release product.

LTVs currently on the market are typically up to 31.7% for those aged 55 and up to 61.7% for those aged 84.

Apex varies compared to what is already available on the market as it is available to those aged between 55 and 84. The loan amount also starts from £10,000, with property values starting from £100,000 to £1,000,000.

How Apex differs from what is on the market

Apex interest rates are from 6.88% MER and are in line with the Equity Release Council’s fifth standard which was launched in April 2022.

In line with the Equity Release Council’s fifth standard launched in April 2022. Apex also offers the lowest fixed early repayment charge period. This allows clients to pay off their borrowing without incurring any penalties after five years.

Compared to competition on the market, Apex offers the highest LTV in the equity release. This service also suits the lifestyle of later-life borrowers and the needs of those aged over 55. 

Dave Harris, chief executive officer at more2life explains: “Providing innovative products to the later life mortgage market is something which more2life has always prioritised. By adding another range to our product roster, it firmly positions us to lead from the front and signals our commitment to better supporting advisers and their customers.

“With increasing numbers of people looking to use equity release to manage their mortgage borrowing, Apex will help those who need a high LTV product with all the modern lending flexibilities. The market leading five-year ERC period combined with the ability to make capital repayments will provide customers with a host of options to choose from as they discuss their options with their adviser.

“We have seen substantial growth in the later life lending market in the first half of 2022 as organisations step up to support their customers and at more2life, we will continue to focus on taking innovative approaches to the challenges facing the market, its advisers and customers.”