MCI adds more2life to its later life proposition
Today, the MCI mortgage club has expanded its later life lending panel with the addition of more2life. As the sixth lender to join the MCI panel, more2life will give the club’s members access to a wider range of products for their customers. All of MCI’s later life lending panel is available for free through the recently launched MCI branded version of AIR Sourcing.
The more2life range includes products with features from fixed Early Repayment Charges (ERCs) – with ERC exemptions for joint cases in exceptional life events – to plans with partial repayments of up to 12% without the client incurring any ERCs. In addition, the range also includes the option of securing a percentage of equity for inheritance and downsizing protection.
Melanie Spencer, Head of the MCI Club, commented: “Adding more2life to our panel is a positive step towards the launch of our later life lending proposition. The demand and need for advice has grown significantly and we want to ensure that our members are equipped with a proposition that can support all demographics in their client bank. Partnering with more2life is a logical step to enhance our proposition and will complement the technology offering we have as a club.”
Dave Harris, CEO of more2life said: “As an industry, we are seeing an increase in people being interested in borrowing into retirement – whether it is to repay an outstanding mortgage balance, gift to a younger family member or improve their income. By joining the MCI panel, more2life will be able to give its qualified specialist advisers more opportunities to support their customers. It is vitally important that holistic conversations are part of retirement planning and this is a step in the right direction.”