more2life has launched its latest lifetime mortgage Tailored Interest Reward.

Tailored Interest Reward provides advisers with a product that allows borrowers to tailor their monthly payment and the payment term to their individual circumstances.

The product is available on both lump sum or drawdown options and offers interest rate discounts of up to 0.65% with only a part-interest payment required (at least 25.01%) to secure the maximum discount.

The product offers a number of segmented plans – from C3 to C8 – with a maximum loan-to-value (LTV) of 38% and rate discount of 0.3% at C3, up to a maximum LTV of 58.4% and rate discount of 0.65% at C8.

It also comes with no fixed term, with the customer able to choose how long they will make payments for, securing the interest rate discount available for that period.

When the agreed payments stop on any part of the loan, the interest rate reverts to the non-discounted rate.

On drawdown options, the borrower can choose if they’d like to include the interest reward feature when accessing their drawdown facility in the future or have the option to make ad-hoc payments as and when.

more2life chief executive officer Dave Harris says: “The launch of Tailored Interest Reward sits firmly within the requirement for advisers to conduct a full affordability assessment for each potential later life lending client, and we would encourage all advisers to do this in order to ensure the payments and target term remain affordable throughout this period.”