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Equity Release Compare Deals Drawdown Capital Choice

Standard Life Home Finance Capital Choice Rates & Details

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Capital Choice

  • Type Fixed
  • Rate 4.36%
  • APR 4.52%
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Incentives:
  • Free Valuation
  • Free Application
Offers:
  • 10%pa Partial Repayments Option
  • 3-year No Early Repayment Charge*
  • Downsizing Protection Feature
  • Guaranteed Inheritance Feature
  • Fixed Early Repayment Charges

Background

More2Life are equity release lending specialists borne from the specialist lending arm of Key Retirement. Using external funding models, More2Life offer a range of bespoke lifetime mortgage deals to homeowners over the age of 55. The More2Life Capital Choice Lifetime Mortgage Plan is funded by Phoenix Equity Partners.

More2Life provide a range of lifetime mortgage plans including the Tailored Choice and Flexi Choice plans. This Capital Choice Equity Release scheme is a Drawdown Lifetime Mortgage plan which aims to provide a low interest rate, yet higher loan-to-value ratios.

The Capital Choice Drawdown Plan provides a greater level of flexibility than the simpler Capital Choice Lump Sum version. With this being a drawdown scheme, a flexible cash facility is provided which enables the homeowner to access future funds, as and when required.

Eligibility

The More2Life Capital Choice Drawdown Plan is specifically designed for homeowners looking for a flexible drawdownplan, but also with a competitive equity release interest rate and the flexibility of balance control.

The minimum property valuation applicable to this More2Life Capital Choice Mortgage is just £70,000 with a maximum upper property valuation of £5m. However, please contact us directly on properties over £1m as More2Life may impose restrictions on certain properties over this value.

Property location which must be the homeowners main residence, needs to be located within England, Wales and mainland Scotland. Flats & maisonettes will be subject to a reduced loan-to-value of 85% of the standard loan-to-value's.

More2Life's Capital Choice Drawdown Equity Release scheme is available on both a single and joint life basis with a minimum age of youngest homeowner being 55 and an upper age limit of 95 for this lifetime mortgage.

The minimum release on this More2Life plan is £10,000 with a maximum loan currently capped at £1,500,000. For loans greater than this, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 802 1051 for your More2Life Capital Choice Drawdown personalised Key Facts Illustration.

Features

This More2Life Capital Choice Drawdown scheme is an equity release plan which aims to provide a release of equity commensurate with the amount the homeowner is likely to need during their lifetime. This can be taken in one amount, or as a series of payments as and when required throughout the homeowners lifetime by using the cash reserve facility which will be 2x the initial loan.

The size of the maximum drawdown facility is directly related to the age of the youngest applicant & the valuation of the property. Therefore, the older the applicant is the higher the overall maximum drawdown facility will be made available.

A generous free valuation is offered along with a fixed equity release lifetime interest rate on the initial lump sum. More2Life now bring fixed early repayment charges to their Capital Choice plan which are 5% for 5 years, 3% for the next 5 years & none thereafter.

An additional and valuable feature that the More2Life Capital Choice plan offers is the downsizing protection feature, which allows anyone moving home after 5 years to repay the loan in full with NO penalty.

More2Life are members of the Equity Release Council all their plans come with a no-negative equity guarantee. Therefore, when the home is eventually sold, any beneficiaries cannot be left with a debt owing to the equity release lender.

Options

This More2Life Lump Sum scheme enables any homeowner to spend their tax-free equity as they wish, with no requirements to making any repayments.

However, as part of the More2Life Capital Choice Drawdown Plan features is the Voluntary Partial Repayment Option which enables the homeowner to make upto 10% repayments of the original amount borrowed each year with NO penalty. This helps manage control the future balance of the lifetime mortgage scheme UK, either to reduce the roll-up effect of the interest, pay off the interest only, or even reduce the future balance by using the full 10% allowance.

A further option for inclusion is the Guaranteed Inheritance Feature which provides an option for the homeowner to secure a fixed percentage of the final sale value of the property to their beneficiaries. This is important for those who wish to guarantee a percentage of the house value from their inheritance.

*The 3-year no early repayment charge applies to joint life plans where the loan is repaid within 3 years of death, or long term care of a partner

To obtain further information or to request a quotation on the More2Life Capital Choice Drawdown Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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