More 2 life has introduced drawdown feature to its product range
Oct. 1st, 2018
More 2 life has announced the addition of a drawdown feature, in addition, to its Capital Choice Plan.
This will be available to all homeowners who are aged 55 and over, the option allows for a minimum amount of ₤ 2,000 to be withdrawn, and a maximum amount of double the initial loan amount.
The drawdown feature means that instead of taking a lump sum immediately and paying interest on that amount, customers can take part of their loan as and when the time that it is required.
More 2 life chief executive Dave Harris says: “By offering a new drawdown feature, we aim to provide older homeowners with the flexibility they need and want.
” The equity release market has experienced record-breaking levels of growth recently, but it’s vital that we continue to drive innovation in the sector.
” Innovative products with an increasing number of options will help more retirees’ access the wealth tied up in their homes and more 2 life intends to be at the forefront of these exciting market developments.”