Features
The More2Life Tailored Enhanced scheme provides the homeowner with a calculation of the maximum cash reserve facility based on their health. From this enhanced facility an initial tax-free lump sum cash amount is released for immediate use. Importantly, any remaining unused cash being is retained in a cash reserve facility for future use if required. This is ideal for those needing access to immediate cash, but like the security of having access to the largest possible cash reserve facility availability for the future.
The size of the cash reserve facility is directly related to the health and lifestyle of the individual. Therefore, the more severe the medical condition(s), the potentially higher the loan amount will be made available.
The minimum withdrawal amount from the cash reserve facility is £2,000, with no further administration charges on any additional drawdown amounts taken.
A generous free valuation is offered along with a fixed equity release lifetime interest rate on the initial lump sum. Any further withdrawals would be at the interest rate applicable at the time of withdrawal.
The More2Life Tailored Enhanced plan has the advantage of providing an enhanced drawdown facility. This means the amount of tax-free cash available is higher than the standard plans would provide. This is down to the enhancement applied due to the underwriting based on the medical history of the individual.
The size of the maximum loan is directly related to the health and lifestyle of the individual. Therefore, the more severe the medical condition(s), the higher the loan amount will potentially be.
The minimum withdrawal amount from the cash reserve facility is £2,000, with no further administration charges on any additional drawdown amounts taken. Any further drawdown amounts would be at the interest rate applicable at the time of withdrawal.
For joint applications, More2Life now include a 3-year early repayment charge exemption. This means that should one of the property owners die or move into long term care, the survivor has a 3-year window in which they can repay the loan with no penalty.
Early repayment charges (ERC’s) on the Tailored Enhanced plan are fixed over a 15-year period. Starting from 10% in year 1, they reduce by 1%pa to year 10, then remain at 1% penalty until year 15, after which no ERC’s apply.
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.
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.
