Its Enhanced Plus product now offers drawdown and lump sum options with the additional benefit of the lender’s protected equity guarantee which enables them to protect inheritances for family.
Further enhancements across its product range also include increases in maximum loan-to-value limits of up to 2.6% at a variety of ages.
At age 60 rates are increased to At age 65, for instance, maximum LTVs are now 30.45% compared with 29% previously on one product while at age 80 LTVs increase to 44.1% from 42%.
More 2 Life said the changes further underline its position in response to growing demand for enhanced equity release deals as it focuses on offering brokers efficient online decisions on whether customers qualify for enhanced rates.
The lender, which secured a 6% market share in the first quarter of 2011, estimates around 25% of equity release customers would qualify for enhanced terms.
Jon King, managing director of More 2 Life, said: “Expanding the drawdown options for clients adds further choice and flexibility reflecting demand across the equity release market.
“Our online systems enable us to give brokers a quick decision on whether customers qualify for enhanced terms and that in turn enables us to regularly review our product range and improve terms where possible.”
More 2 Life’s online check covers just four questions and customers qualify for enhanced terms based on issues such as smoking, diabetes, height-to-weight ratio, high blood pressure and early retirement through ill-health in addition to medical conditions including cancer and heart conditions.
Its minimum initial cash release is £15,000. Minimum property values are £70,000 and there is no maximum.
