SHIP welcomes More 2 Life’s equity release return

Director general of Safe Home Income Plans (SHIP), Andrea Rosario, has welcomed the return of More 2 Life to the equity release market after two years away from the field.

The company, owned by Key Retirement Solutions, has relaunched with a lifetime mortgage product funded by financial services provider Partnership.

Released on June 1, the equity release product offers enhanced terms for customers with health problems including heart conditions, high blood pressure and cancer.

The newly released deal has an initial rate of 6.99% to 7.49%, offering a minimum initial cash release of £15,000 and a minimum further advance of £10,000 on properties worth more than £70,000.

More 2 Life managing director, Paul Wilson, said the product will provide a “streamlined, enhanced lifetime mortgage option”. He believes it could be “crucial” to the equity release sector.

Commenting on the new lifetime mortgage product, Ms Rosario said it had “many exclusive features” and described its flexibility and equity protection element as “important”.