More2life has shortened the early repayment charge (ERC) period for its Flexi range from 15 years to 10 years.
The late-life lender said its Flexi product allows borrowers to make voluntary repayments without penalties up to a set limit to reduce interest costs.
The company said the change would support customers who wish to repay their loans early due to changes in health, family needs or property plans.
It also provides advisers with a clearer framework when mapping possible repayment options.
In addition, More2life has added a “next birthday age” feature, giving borrowers who will turn 55 in the next 50 days the opportunity to apply for a loan in advance through a broker using AdviseWise or AirSourcing.
The change will also allow customers who are approaching certain age thresholds to qualify for larger mortgages before their birthday.
The standards are updated following the launch of More2lfe’s Horizon product earlier this week.
Chief executive Dave Harris said: “Flexi has been one of our most popular schemes for many years and the move to the 10-year ERC term reflects what advisers tell us they want from their clients.
“It reflects borrowers increasingly living their own lives and gives advisers the option to offer clients shorter ERC commitments, while maintaining the core benefits that make Flexi so useful in many situations.
“Advisers tell us they want this so they can recommend flexible, competitively priced lifetime mortgages with built-in safeguards that match their customers’ real-life needs.
“We’ve also introduced new ANB functionality to give advisors a wider range of options, even supporting clients approaching 55, so they can complete tasks after their birthdays.
“ANB is currently available to Air Sourcing and AdviseWise users, with plans to launch on other platforms soon.”
