more2life has reduced Early Repayment Charges (ERC) on its Flexi lifetime mortgage range from 15-years to 10-years, following adviser feedback and increasing client demand for shorter commitment periods.
The change applies to all new Flexi applications from today.
Flexi products are designed for customers who want repayment flexibility, transparent costs and the freedom to make voluntary payments within specified allowances.
The range includes Flexi, Flexi Interest Reward and Flexi Premier.
The move to a 10-year ERC period provides a clearer repayment horizon for clients who may need to settle earlier due to changes in health, family circumstances or property plans, and offers advisers a more predictable structure when modelling repayment scenarios.
The lender has also introduced an Age Next Birthday (ANB) feature across Air Sourcing and AdviseWise.
ANB allows advisers to request KFIs using the youngest applicant’s upcoming age when their next birthday is within 50 days.
This enables higher loan amounts ahead of a birthday and supports clients aged 54 in preparing for completion after turning 55, subject to criteria.
These updates follow the addition of the Horizon and Horizon Interest Reward ranges to the more2life product suite earlier this week.
Dave Harris (pictured), CEO at more2life, said: “Flexi has been one of our most popular plans for many years, and this shift to a 10-year ERC period reflects what advisers have told us they need for clients.
“It reflects how borrowers are increasingly living their lives and gives advisers the option to provide their clients with a shorter ERC commitment while keeping the core strengths that make Flexi so useful in so many cases.”
He continued: “Advisers have told us they want this so they can recommend a flexible, competitively-priced lifetime mortgage with built-in safeguards that align with the real-life wants and needs of their clients.
“We’ve also been able to bring in our new ANB function which opens up a wider range of options for advisers, even supporting those clients who are close to 55 in order that they can complete after their birthday. ANB is currently available to users of Air Sourcing and AdviseWise, with plans to roll this out across other platforms soon.
“These steps come in the same week that Horizon and Horizon Interest Reward joined our range, giving advisers even more ways to shape suitable outcomes.”
Harris concluded: “All of the above are part of the same aim at more2life. We want advisers to make more of the later life client opportunities available to them and by utilising these clearer tools, stronger options and growing levels of support from us, we believe they’ll be able to develop a much strong advisory proposition tailored to these clients.”
