More2life launch second lifetime mortgage with no repayment charges

New plan allows equity release of up to £1.5 million with no early repayment penalty

More2life has launched its second lifetime mortgage product that allows borrowers to repay their loan without paying early repayment charges (ERCs). The new product increases the amount that can be borrowed with no requirement for ERCs.

The new Apex Zero product is designed for homeowners who want to release equity from their property but are concerned that their circumstances could change in the future.

Unlike many lifetime mortgages, which can include an early repayment charge if the loan is repaid during a specified period, Apex Zero has no ERCs. This means borrowers can make unlimited partial repayments or repay the mortgage in full whenever they choose, without paying an early repayment charge.

More2life says the product is intended to give homeowners greater flexibility over how they manage their borrowing in later life. This could be particularly useful for someone who expects their financial circumstances to change, perhaps because they are expecting an inheritance, planning to sell their property or anticipate being able to repay some or all of the borrowing in the future.

More choice for More2life customers

This is the second lifetime mortgage from More2life that comes with no ERCs. The company launched its Maxi Zero plan in 2024, which was a groundbreaking step in terms of flexibility for borrowers.

So how does Apex Zero compare with Maxi Zero? Here’s a summary of the headline differences:

Apex Zero is available to older homeowners than Maxi Zero, and has the potential for unlocking more money from your home. However, only Maxi Zero has the option of a drawdown facility, which lets you take an initial lump sum and set up a ‘reserve’ of additional cash from which you can make withdrawals in the future. Because you only pay interest on the money you actually withdraw, this can mean less interest accrues over time.

It is recommended that you get help from an equity release adviser to understand which of these ‘ERC-free’ lifetime mortgages may suit you, or if other products are a better fit. Our selected advisers offer this service, searching across the market to recommend products that meet your needs, where equity release is suitable for you.

“People are looking for flexibility”

More2life chief executive Dave Harris says: “People are increasingly looking for flexibility in their retirement planning, and the launch of Apex Zero reinforces our commitment to meeting these needs.

“This is just one of several key developments coming this year, and we’re proud to be continually evolving our offering to give over-55s as many options as possible.”

Is equity release right for you?

Equity release allows homeowners aged 55 and over to access some of the money tied up in their property without having to sell or move home. A lifetime mortgage is the most common form of equity release. This is a type of secured lending that’s typically repaid, along with any accrued interest, from the sale of your home when you die or move into long-term care.

However, releasing equity is a major financial decision. Interest can build up over time and reduce the value of the estate left to beneficiaries, while taking out equity release can also affect entitlement to some means-tested benefits.

Anyone considering equity release should take specialist financial advice to understand how it could affect their individual circumstances.

If you want to understand how much you could release, you can use our equity release calculator. You can also call us on 0808 178 3055 or request a call back to speak to one of our selected equity release advisers.