The refreshed range had updated LTVs and interest rates
Later life lender more2life has announced the return of its Prime Choice product range, following a six-month hiatus due to the market challenges after the infamous mini budget in September 2022.
The relaunched product range joins the lender’s Flexi, Tailored, Maxi, and Capital Choice ranges, designed to meet different customer needs.
The Prime Choice lump sum product range has been refreshed, with updated loan-to-values (LTVs) and interest rates. The revised LTVs range, more2life said, was one of the highest on the market, from 17.8% on the younger end up to 48.10% for those aged 84.
Interest rates start from 6.6% and the loan value ranges from £10,000 to £600,000, allowing up to £1 million in London and the South East.
“The return of Prime Choice to the market highlights the further confidence in the sector following the challenges of the September mini budget,” commented Les Pick (pictured), director of sales at more2life.
“With Consumer Duty approaching, the return of innovative products such as Prime Choice which are designed to better serve older borrowers will, I am sure, be welcomed with open arms. While Consumer Duty will no doubt spur on lenders to consider their product offerings, customer demand for more flexibility and a wider range of options is driving innovation at the moment.
“With more customers looking for support and expecting terms that mirror those in the wider mortgage market, there is a real opportunity to build strong foundations on which to grow this sector.”
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