More2life has reduced the early repayment period (ERC) for its Flexi series from 15 years to 10 years.
The later life lender says its Flexi products allow borrowers to make voluntary repayments without penalty, up to a fixed amount, to reduce interest costs.
It says the change will support customers who may want to pay back sooner due to changes in health, family needs or property plans.
It also provides a clearer framework for advisors when identifying possible repayment scenarios.
In addition, More2life has added a new “Age Next Birthday” feature, which gives borrowers who turn 55 within the next 50 days the opportunity to apply for loans early through brokers using AdviseWise or AirSourcing.
The change also means customers who are about to reach a certain age limit can qualify for a larger mortgage before their birthday.
These criteria updates follow the launch of More2lfe’s Horizon products earlier this week.
Chief executive Dave Harris said: “Flexi has been one of our most popular plans for many years, and this shift to a ten-year ERC period reflects what advisers have told us they need for clients.
“It reflects how borrowers increasingly live their lives and gives advisers the opportunity to offer their clients a shorter ERC commitment, while retaining the core strengths that make Flexi so useful in so many cases.
“Advisors have told us they want this so they can recommend a flexible, competitively priced lifetime mortgage with built-in safeguards that match the real wants and needs of their customers.
“We have also been able to introduce our new ANB feature, which opens up a wider range of options for advisers, even supporting clients who are almost 55 so they can complete this after their birthday.
“ANB is currently available to Air Sourcing and AdviseWise users, with plans to roll it out to other platforms soon.”