The later life lender says its Flexi products allow borrowers to make voluntary repayments without a penalty up to a set allowance in order to reduce interest costs.

It says the change will support clients who might wish to repay earlier due to changes in health, family needs or property plans. 

It also offers a clearer framework for advisers when mapping possible repayment scenarios.

In addition, More2life has added a new “Age Next Birthday” feature, which gives borrowers who are about to turn 55 within the next 50 days the chance to apply for loans early via brokers who use AdviseWise or AirSourcing. 

The change will also enable clients who are about to reach certain age thresholds the ability to qualify for larger mortgages in advance of their birthday.

These criteria updates, follow the launch of More2lfe’s Horizon products earlier this week.

Chief executive Dave Harris says: “Flexi has been one of our most popular plans for many years, and this shift to a 10-year ERC period reflects what advisers have told us they need for clients. 

“It reflects how borrowers are increasingly living their lives and gives advisers the option to provide their clients with a shorter ERC commitment while keeping the core strengths that make Flexi so useful in so many cases.

“Advisers have told us they want this so they can recommend a flexible, competitively-priced lifetime mortgage with built-in safeguards that align with the real-life wants and needs of their clients.

“We’ve also been able to bring in our new ANB function which opens up a wider range of options for advisers, even supporting those clients who are close to 55 in order that they can complete after their birthday. 

“ANB is currently available to users of Air Sourcing and AdviseWise, with plans to roll this out across other platforms soon.”