more 2 life has announced this morning that it has launched a new lifetime product, which at 4.69% is the lowest lifetime mortgage they have ever released.

According to the lender, The Capital Choice Plan is aimed at clients who are looking for a higher lump sum and the ability to make partial capital repayments from day one.

more 2 life says that 2016 is likely to be a record-breaking year for the market, predicting over £2 billion of wealth being unlocked by the end of the year.

Last week, Legal & General launched a 4.44% Premier Flexible Lifetime Mortgage, which it says is the first sub-4.5% fixed rate roll-up lifetime mortgage product in the market.

Stuart Wilson, Channel Marketing Director at more 2 life, commented: “At more 2 life, we are committed to offering innovative products that will enable consumers to access the wealth stored in their properties. By bringing new products and features to the market we are able to offer better options, and the Capital Choice Plan is a prime example of this, with it offering the best partial capital repayment option currently available on the market.

Our recent rate reduction to just 4.69% clearly demonstrates our competitiveness in the market and we will continue to offer the very best deals for our intermediaries and their clients.”