More 2 life is replacing its Tailored Plus and Tailored Lite plans with two new products – Tailored Enhanced and Tailored Lifetime.

These replacements will feature fixed early repayment charges instead of gilt-based ERS and will start at 10 per cent, decreasing by 1 per cent each year for the first 10, then staying at 1 per cent until year 15, and then zero per cent.

Would-be equity release borrowers will be able to apply for the current plans for two weeks after their replacement, giving a deadline of 18 August.

Existing Tailored borrowers will be able to access further advances and drawdowns, too.

More 2 life corporate marketing director Stuart Wilson says: “While gilts can offer some customers a good deal depending on the timing of redemption, for borrowers who would like greater control over repayments – particularly in the current climate – the refreshed Tailored range will give them exactly that.

“Since 2016, more than 1,000 more2life customers have redeemed their loans voluntarily. With fixed ERCs now as standard across our range, more2life customers – including now those who are recommended one of our Tailored plans – have a surety regarding how much they would need to pay in the unlikely event that they redeem their plan.”