More2life to life has expanded its later life loan offering with two new product plans.

The equity release lender has launched two new Midi and Max plans within its Capital Choice suite of products, which it says have “a greater range of LTV options and rates”.

The Max plan has three options: Max 1, 2, or 3.

On Max 1, loan to value ratios start at 23.05%, 23.53% on Max 2, and 24% on Max 3. They rise to 52.40%, 53.05%, and 53.70%, respectively

The firm adds these are “the highest LTV options within the Capital Choice range”, and are open to borrowers aged between 55 and 84.

In the Midi plan, LTVs start at 21.5% for those aged 55, increasing to 50.5% for borrowers aged 84. Rates start at a 3.26% monthly equivalent rate.

The Max and Midi plans both include loans that range from £10,000 to £1.5m, on either a lump sum or a drawdown option.

Fixed early repayment charges on a sliding scale of 5% in year one of the loan to 0% from year 11 onwards.

And inheritance protection of up to 50% on lump-sum products.

The lender has also revamped its existing Plus plan, which sees it extend its age range from 60 to 75 years old to 55 to 84.

In the Plus range, new LTVs start at 23% for those aged 55, increasing to 52% for borrowers aged 84.

More2life corporate marketing director Stuart Wilson says,” today’s raft of updates provides additional flexibility and choice for the older homeowners – and the advisers who support them”.

Wilson adds: “We hope that advisers will welcome today’s news as an opportunity for them to further support older clients and provide this cohort with practical solutions that suit their modern-day needs.”

Last month, More2life launched a lifetime mortgage with a maximum LTV of 58%, which it said is the highest in the market.

The Prime Max Lump Sum mortgage has rates starting from a 6.85% annual equivalent rate.

Borrowers aged between 55 and 84 can apply for loans between £10,000 and £600,000.