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

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

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

However, only borrowers aged 81 and over can qualify for the maximum 58% LTV.

The product has fixed early repayment charges and there are downsizing and inheritance protection options.

Corporate marketing director Stuart Wilson says: “This latest product launch is reflective of our commitment to helping advisers and their clients through the current crisis and beyond. 

“As part of that aim, we are continually developing new products that suit the complex financial situations that many later life borrowers now find themselves in, particularly as a result of the pandemic. 

“Ultimately, this will enable more advisers serving the equity release market to secure optimal results for their clients.

“Being able to offer the highest LTV in the lifetime mortgage market through our Prime Max Lump Sum plan is something we are incredibly proud of, and we are confident that this added flexibility within our Prime range will be met with great enthusiasm by advisers supporting clients in later life. 

“Helping the adviser community in their conversations with older homeowners, particularly those who are unsure about their financial situation, is our top priority, so providing solutions that will enable them to do this effectively will continue to be a key focus for us.”