"With Omni, we've built a product that responds directly to the needs advisers are seeing every day – whether that's homes with non-standard construction, high LTVs, or those looking for greater flexibility around borrowing and repayments"
- David Harris - more2life
Later life lender, more2life, has announced the launch of its latest lifetime mortgage product, Omni, which aims to expand the lending options available to advisers and their older homeowner clients.
The lender explained that Omni reflects the evolving nature of customer needs in later life, offering more2life's highest LTVs at 55.3%, broadest criteria across age and property types, and enhanced overpayment flexibility.
Available from today, Omni includes a six-year early repayment charge structure, the lowest available at more2life, and allows clients to make up to 15% voluntary overpayments each year. The lender describes this overpayment facility as market-leading.
The product supports loans from £20,000 up to £1.82m, on property values between £100,000 and £3.5m, and offers an LTV range from 25.5% to 55.3%. Omni applications are accepted up to age 89, and they include the widest property eligibility of any product in the more2life range.
Omni introduces new lending criteria to accommodate a broader spectrum of clients. The product accepts annexes where there are no more than three units in total, including the main residence plus two annexes. Studio and basement flats are accepted where the internal area is at least 30 square metres.
Ex-local authority homes are included, encompassing houses, bungalows, maisonettes, and flats, with a minimum property value of £100,000. Modern Methods of Construction are accepted with an appropriate warranty, such as NHBC, BOPAS accreditation if off-site manufactured, and compliance with building regulations.
Multiple title properties are accepted, subject to full valuation and legal conditions being met. Single skin wall construction is permitted where single-story is limited to no more than 20% of the perimeter and is compliant with building regulations.
The product also permits personal business use of part of the home, where no structural change has been made and no more than 50% of the property is used commercially. Unsatisfied County Court Judgments are accepted if five or fewer are present and their combined value does not exceed £10,000, with all requiring settlement on completion.
Land up to 10 acres is permitted where the land is consistent with residential use, subject to valuation based on five acres and no agricultural use or restrictions.
Omni is available through all existing more2life distribution partners and sourcing systems. A full range of support materials, including a criteria guide, product information sheet and tariff of charges, is available via more2life's dedicated Omni webpage. Advisers can also access tailored case support and book consultations with their more2life account manager to discuss client suitability.
The launch comes as more2life continues to evolve its proposition with the aim of delivering broader access to later life lending solutions, better adviser experiences and enhanced technology support. The company recently launched a strategic brand refresh, underlining its core strengths, including the widest range of product solutions, market-leading LTVs, and technology tools like ProView, the lifetime mortgage market's first pre-valuation underwriting service.
"As the later life lending market matures, advisers are rightly looking across the full spectrum of product options to deliver better outcomes for their clients," said Dave Harris, chief executive officer of more2life. "With Omni, we've built a product that responds directly to the needs advisers are seeing every day – whether that's homes with non-standard construction, high LTVs, or those looking for greater flexibility around borrowing and repayments."
"This product sits alongside the broadest range of later life lending products in the market, with highlights such as Flexi Interest Reward and Tailored Interest Reward, and it reinforces our long-term commitment to providing the right lifetime mortgage solutions for every type of client. But we know advisers need more than just good products, they need great tools too."
"That's why we continue to invest in innovations like ProView, helping advisers work more efficiently, save money, drive more income through more confident recommendations and ultimately deliver good customer outcomes. We're here to help advisers make the most of the later life market, and with Omni, we've given them another powerful tool to do just that."
