more2life has announced that it now has £3bn worth of loans under management, following a record year of growth for the equity release lender.

Last year saw the firm complete almost £1bn worth of new loans, as well as launch a series of new equity release plans – which included its fifth product portfolio, Prime Choice, with its fifth funder.

more2life CEO, Dave Harris, called hitting £3bn of loans under management since the firm’s launch a ‘fantastic milestone.’

“To have achieved this goal within a year of reaching £2bn in lending is a phenomenal accomplishment, especially given that after years of double-digit growth the market has started to slow,” he said.

“A combination of product innovation and hard work from the entire team at more2life has enabled us to grow our business to new heights.”

more2life, one of the largest equity release lenders in the UK, has continued to achieve record levels of business in the sector and in 2019 alone, the lender developed and launched five new lifetime mortgage plans.

The five products launched this year – which as well as Prime Choice include Prime Plus Lump Sum, Tailored Plus, Maximum Choice Lite and Capital Choice Lite – have provided the firm’s customers with flexible solutions to help meet their individual lending needs.

Harris added: “More is yet to come – the retirement lending market is barely scratching the surface of the increasing demand from consumers.

“As the industry evolves, we are committed to launching a series of new initiatives and driving product innovation even further, as we continue to work with advisers to ensure unlocking equity is seen as a viable option when discussing retirement planning with clients.

“Next year looks certain to be an exciting time for the equity release sector and more2life is committed to being at the forefront of pushing the industry forward.”

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