more2life has launched its latest lifetime mortgage product, Omni, to expand the lending options available to advisers and their older homeowner clients.
Omni was designed to reflect the evolving nature of customer needs in later life, offering more2life’s highest loan-to-values (LTVs) at 56.3%, as well as its broadest criteria across age and property types, and enhanced overpayment flexibility.
Available from today, Omni includes a 6-year early repayment charge (ERC) structure – the lowest available at more2life – and allows clients to make up to 15% voluntary overpayments each year, which the lender says is market-leading.
It supports loans from £20,000 up to £1.82m, on property values between £100,000 and £3.5m, and offers an LTV range of from 25.5% to 55.3%.
Omni applications are accepted up to age 89, and it includes the widest property eligibility of any product in the more2life range.
Omni introduces criteria to accommodate a broader spectrum of clients, including: Annexes accepted where there are no more than three units in total; studio and basement flats accepted where the internal area is at least 30 square metres; ex-Local Authority homes with a minimum property value of £100,000; Modern Methods of Construction (MMC) with an appropriate warranty, BOPAS accreditation and compliance with building regulations; multiple title properties; and single skin wall construction.
Under specific circumstances, Omni also permits: personal business use of part of the home; unsatisfied County Court Judgments (CCJs); and land up to 10 acres.
Omni is available through all existing more2life distribution partners and sourcing systems.
Dave Harris, CEO of more2life, said: “As the later life lending market matures, advisers are rightly looking across the full spectrum of product options to deliver better outcomes for their clients.
“With Omni, we’ve built a product that responds directly to the needs advisers are seeing every day – whether that’s homes with non-standard construction, high LTVs, or those looking for greater flexibility around borrowing and repayments.
“This product sits alongside the broadest range of later life lending products in the market, with highlights such as Flexi Interest Reward and Tailored Interest Reward, and it reinforces our long-term commitment to providing the right lifetime mortgage solutions for every type of client.
“But we know advisers need more than just good products, they need great tools too.
“That’s why we continue to invest in innovations like ProView, helping advisers work more efficiently, save money, drive more income through more confident recommendations and ultimately deliver good customer outcomes.
“We’re here to help advisers make the most of the later life market, and with Omni, we’ve given them another powerful tool to do just that.”
