More2life launch lifetime mortgage with more repayment options

More flexibility for making repayments on your lifetime mortgage

Written in line with our editorial policy.

More2life has launched an innovative new lifetime mortgage designed to help homeowners take greater control of their borrowing costs in later life. 

The new product, called Tailored Interest Reward, allows homeowners to tailor their monthly payment and payment term to their circumstances.

Available as either a lump sum or drawdown option, the plan offers discounts of up to 0.65% on interest rates. To secure the maximum discount, you only need to make a part-interest payment each month.

One of the key features of Tailored Interest Reward is that there’s no fixed term for making payments. This means you’ll benefit from the interest rate discount for as long as you make payments. 

More2life’s CEO, Dave Harris, highlighted its flexibility in an FT Adviser article, saying: “Should the client stop making interest payments, the product simply reverts to a non-discounted rate, ensuring they maintain the benefits of the product under Equity Release Council standards.”

How does this plan work?

Tailored Interest Reward give you more control of your borrowing costs, according to More2life. The more you choose to pay, the bigger the discount you can get on your interest rate. Here’s what you need to know:

• Available to homeowners aged 55 to 85, with a maximum loan-to-value of 58.4%.
• Pay 25.01% or more of the monthly interest amount to benefit from a reduction to the roll-up interest rate of up to 0.65%. 
• Repayments of the loan itself are allowed – during the 15-year early repayment charge period, you can repay up to 10% of the initial loan amount each year through a combination of monthly payments and overpayments.
• When you stop making payments, your interest rate reverts to the non-discounted rate.
• Borrowers can take one payment holiday of up to three consecutive months every 12 months, as long as you give one month’s notice.

For those opting for a drawdown plan, there’s the added flexibility of deciding whether to include the interest reward feature when accessing funds in the future. Borrowers can also make one-off payments whenever it suits, giving even more control over costs.

As with all plans recommended by our selected equity release advisers, this plan meets Equity Release Council standards. This means you’ll never owe more than your home’s value, and you have the right to live in your home until you pass away or move into long-term care.

This launch follows More2life’s recent introduction of Flexi Interest Reward, a lifetime mortgage that offers personalised rates based on the borrower’s ability to make regular payments. With these new products, More2life aims to give homeowners in later life more tailored and adaptable borrowing options.

Find out if this plan could work for you

Sounds like a plan worth exploring? Speak to one of our friendly selected equity release advisers to see if this could work for you. In addition to checking your eligibility for this new plan, they can search for the best available deals and interest rates from across the UK’s leading equity release providers.

As part of the service, your adviser will take the time to answer any questions you have about unlocking cash from your home. They’ll also explain all the potential downsides to be aware of, such as how equity release will reduce the value of your estate.

Call 0808 178 3055 or request a call back for a day and time that suits you to talk to an adviser.

SourceNew more2life plan offers discounts of up to 0.65% on interest rates: More2life launches lifetime mortgage to give clients more control. FT Adviser. Accessed 25 March 2025.

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn