more2life has launched lifetime mortgage product Omni, which is aimed toward increasing the lending choices accessible to advisers and their older house owner purchasers.
The later life lender says Omni is designed to mirror the evolving nature of buyer wants in later life.
It gives the lender’s highest loan-to-values (LTVs) at 56.3%, a broad standards throughout age and property varieties, and enhanced overpayment flexibility.
Omni, which accepts functions as much as age 89, features a six-year early compensation cost (ERC) construction and permits purchasers to make as much as 15% voluntary overpayments annually.
It helps loans from £20,000 as much as £1.82m, on property values between £100,000 and £3.5m, and gives an LTV vary of from 25.5% to 55.3%.
The lender says annexes, ex-local authority dwelling, fashionable strategies of development, a number of title properties and single pores and skin wall constructions are all accepted topic to phrases.
more2life chief government officer Dave Harris says: “As the later life lending market matures, advisers are rightly trying throughout the complete spectrum of product choices to ship higher outcomes for his or her purchasers.”
“With Omni, we’ve constructed a product that responds on to the wants advisers are seeing each day – whether or not that’s houses with non-standard development, excessive LTVs, or these on the lookout for higher flexibility round borrowing and repayments.”
“This product sits alongside the broadest vary of later life lending merchandise available in the market, with highlights corresponding to Flexi Interest Reward and Tailored Interest Reward, and it reinforces our long-term dedication to offering the appropriate lifetime mortgage options for each sort of consumer. But we all know advisers want extra than simply good merchandise, they want nice instruments too.”
