More2life has launched an early repayment charge (ERC) free option for lifetime mortgages.

The lender’s Apex Zero product aims to help borrowers who believe their circumstances might change within the period that ERCs would usually apply.

The new option is available to applicants aged between 55 and 95 years old, and offers loan-to-values (LTVs) between 23% and 51% on both a joint and single life basis and an interest rate of 9.24% MER.

Customers can make unlimited optional repayments at any time during the loan term without incurring penalties, with a minimum monthly payment of £50.

In addition, it has an indefinite ERC exemption window for joint life cases, allowing the second borrower to repay the full loan balance without any ERCs when the first borrower passes away or enters long-term care.

It is available solely on a lump sum basis and has an arrangement fee of £1,495 on initial advances, and £395 on further borrowing.

More2life chief executive Dave Harris says: “It’s exciting to be able to continue to innovate in the later life lending space, and actively responding to feedback from our adviser network around greater product choice for customers.”

“People are increasingly looking for flexibility in their retirement planning, and the launch of Apex Zero reinforces our commitment to meeting these needs.”

“Being able to provide the later life lending sector’s widest range of lifetime mortgages, suitable for a variety of customer circumstances, is something we’re really passionate about, and we’re pleased to continue delivering.”

“This is just one of several key developments coming this year, and we’re proud to be continually evolving our offering to give over-55s as many options as possible.”