Equity release lender, more2life, has launched a new lifetime mortgage aimed at those with high value homes.

The product, Capital Choice Ultra Lite, is available to borrowers aged between 55-95 years old and will suit homeowners looking to secure large loans against high value properties.

Borrowers can access loans from £300,000 to £1.5m in value on properties worth between £779,000 and £5m.

The product is available via a drawdown or lump-sum agreement and features the option to repay up to 10% of the capital each year free of early repayment charges (ERCs) from the outset.

Other product features include downsizing protection, fixed ERCs, and ERC exemption for joint cases redeemed within three years of the death or admission into long-term care of the first borrower.

Stuart Wilson, corporate marketing director at more2life, said: “With the significant house price inflation that we have seen over the last 20 years, there are more people than ever who are ‘property-rich but cash-poor’. This issue has only been exacerbated by the coronavirus crisis so we have looked to develop innovative and flexible financial solutions so that advisers are well-equipped to serve this demographic.

“As part of that aim, we are continually looking for ways to deliver products that accurately meet the individual needs and circumstances of borrowers. We are confident that the launch of our Capital Choice Ultra Lite product will further support advisers looking to meet the requirements and demands of older homeowners, particularly those with high-value properties.”