more2life has launched its lifetime mortgage product Apex Interest Reward.

The Apex Interest Reward product builds on more2life’s Apex product while also offering interest rate discounts to clients who choose to make regular payments.

The size of the discount available varies based on the percentage of the interest paid with the product and offers a fixed early repayment charge (ERC) period of four years.

For a 25% interest payment each month, the client will receive a 30 basis points discount on the product rate, for 50% the discount is 55bps, and for 75% the discount is 75bps.

Rates on the Apex Interest Reward product start at 7.81% MER, with loan-to-values (LTVs) up to 52% available.

Clients will benefit from the rate discount for the duration of the contractual payment period, providing the client makes all payments, and will finish at the end of 15 years irrespective of payments being maintained beyond this.

Apex Interest Reward is available to whole-of-market adviser distribution.

more2life managing director Ben Waugh says: “The launch of this new Apex Interest Reward product is the latest example of more2life’s commitment to bringing genuine product innovation to the later life lending market.”

“We are constantly seeking new ways to meet the needs of advisers and their over-55 borrower clients, and this product offers those who wish to keep on making interest payments for a fixed term to do so, but also benefit from a rate discount.”