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Equity Release Supermarket Compare Deals Drawdown Flexi Choice Lite

More2life Flexi Choice Lite Rates & Details

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Flexi Choice Lite

  • Type Fixed
  • Rate 6.44%
  • APR 6.76%
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Incentives:
  • Free Valuation
  • Free Application
Offers:
  • 10%pa Voluntary Repayments Option
  • Fixed Early Repayment Charges
  • Downsizing Repayment Charge Exemption
  • Fees Free Option*

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. More2Life also provide a range of 'Choice' lifetime mortgage plans including the Tailored, Capital and Maximum Choice plans.

The More2Life Flexi Choice range of lifetime mortgage plans are funded by a leading UK life insurer. There are five versions of the Flexi Choice plans offering drawdown - the Lite, Super Lite, Midi, Extra and Plus. The rate quoted is the Flexi Lite plan. They all differ in the size of the loan-to-values they offer. Hence, each a Flexi Choice plan can be tailored to your needs and the interest rate More2Life will apply.

The More2Life Flexi Choice Lite equity release plan provides an initial capital lump sum, which aims to offer a competitive interest rate. In addition, More2Life provide a drawdown facility, for any unused capital not taken immediately. Combining balance control measures with their flexible 10% partial repayment facility, along with competitive lifetime mortgage interest rate, More2Life aim to offer this drawdown equity release scheme to a wider generic audience of retirees.

Eligibility

The More2Life Flexi Choice Drawdown Lite Plan is only available via a limited number of specialist intermediaries, of which Equity Release Supermarket have been selected as one. They are geared towards those looking for a competitive interest rate, flexibility & access to capital both immediately & throughout retirement, whenever demand arises.

The minimum property valuation for the More2Life Flexi Choice Lite Plan is £125,000, with a maximum UK property value of £2 million in England (£1m in Wales & mainland Scotland). The property must be a main residence and be located within England, Wales, Mainland Scotland & Isle of Wight. More2Life will only take 85% of the valuation into account when assessing the value of flats and maisonettes.

More2Life will accept freehold properties within the UK, and leasehold properties in England & Wales. More2Life's criteria for leaseholds is defined as a minimum of 90 years. Additionally, the age of the youngest applicant, plus the remaining term of the lease must total a minimum of 160 years.

The More2Life Flexi Choice Drawdown Lite Plan is available upto a maximum of two applicants on a single & joint life basis. The minimum age at inception is 55 years, with a maximum age at entry of 84 (of the youngest).

The minimum loan for the Flexi Choice plan is £10,000, with a maximum release of £460,000. For loans greater than £1 million, bespoke quotations maybe available, hence contact Equity Release Supermarket on 0800 088 5898 for your personalised Key Facts Illustration.

The More2Life Flexi Choice Lite plan offers one of the lowest drawdown interest rates in equity release marketplace. In obtaining one of the lowest interest rates, More2Life do reduce the loan-to-value ratio, details of which can be found be contacting your local Equity Release Supermarket adviser directly.

Features

More2Life's Flexi Choice Lite lifetime mortgage is a drawdown 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.

Another inheritance protection feature afforded by the More2Life Flexi Choice Drawdown range is the Guaranteed Inheritance Feature. At no extra cost to the homeowner, More2Life will automatically protect a proportion of the future sale value of the house based on the amount initially withdrawn. This will be amended as and when additional monies are drawndown.

The Flexi Choice equity release plans come with a Downsizing Early Repayment Charge Exemption. This feature becomes effective should the homeowner decide to sell-up once the plan has been in force for 5 years. If the property they intend to move to does not meet More2Life's lending criteria, then the loan can be repaid with NO penalty.

This range of Flexi Choice plans between More2Life and Rothesay come with clarity over their early repayment charges. The Flexi Choice Lite Drawdown plan has defined early repayment charges (ERC’s) which means a fixed percentage of the amount repaid will be charged within a stated period. These reduce from 10% in year 1, down to 2% of the balance outstanding in the 9th year. Thereafter, More2Life charge 1% in years 10-15 and finally no early repayment charge after the 15th year.

There is currently a generous free unlimited valuation on the Flexi Choice range of drawdown plans, enabling a fee free entry on application.

All versions of the More2Life Flexi Choice come with the industry recognised 'No Negative Equity Guarantee'. More2Life being members of the Equity Release Council, therefore ensure that any beneficiaries cannot by burdened by any debt over & above the final value of the property.

Options

Although the Flexi Choice Lite scheme is essentially designed as a roll-up lifetime mortgage, More2Life have included a 10% Voluntary Payment Option. This allows the homeowner to make ad-hoc repayments of 10% of the original amount borrowed each year with NO penalty, from inception. These voluntary payments can allow the plan to be repaid in its entirety down to a zero balance.

Voluntary repayments can help manage the future balance of the plan, and can therefore be operated on an interest-only or repayment basis, or just ad-hoc whenever the need arises. This can be important to those looking to ensure their beneficiaries acquire some form of inheritance.

*The Flexi Choice Drawdown Lite plan comes with the option of choosing whether to pay the application fee, or not.
By selecting the fees free deal will increase the interest rate accordingly. Rate quoted is the fees-free version which includes an application fee.

To obtain further information or to request a quotation on the More2Life Flexi Choice Drawdown Lite Scheme, please contact the Equity Release Supermarket team on Freephone 0800 088 5898 today.

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