Homeowners aged 55 and over are now able to apply for a lifetime mortgage through this plan.
Equity release lender more 2 life is lowering the age limit of borrowers who are eligible to use its Capital Choice Plan.
Dave Harris, chief executive at more 2 life, said: “At more 2 life, we are committed to offering innovative products that enable consumers to access the wealth stored in their homes.
“We are pleased to announce the lowering of the age requirement of our Capital Choice Plan, which will allow more individuals to do exactly this.”
Homeowners aged 55 and over are now able to apply for a lifetime mortgage through this plan, allowing more individuals to release the equity locked in their properties.
The Capital Choice Plan is a lump sum lifetime mortgage that offers a low rate of interest and a flexible partial capital repayment option which can help borrowers avoid ERCs.
The plan also now offers downsizing protection as well as a built-in guaranteed inheritance feature that allows borrowers to protect up to 50% of the value of their property.
