Previously customers had to pay the fee for advances above £50,000, but some customers struggled to come up with the sum.
Stuart Wilson, marketing director at more 2 life, said: “We’ve been listening to advisers and the clear message from them paying upfront charges can sometimes be difficult for customers and that plans needed to change to reflect that.
“Making plans free at the start specifically addresses that issue and should help advisers when outlining the costs and benefits of equity release to customers by making presentations simpler as they do not need to factor in arrangement fees.”
more 2 life accepts cases from customers over the age of 55 with a minimum loan of £15,000 and a minimum additional drawdown of £5,000.
