More2life Tailored Enhanced Details (Enhanced)

Background

More2Life are equity release lending specialists borne from the specialist lending arm of Key Group. 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 Flexi, Capital and Maximum Choice plans.

The More2Life Enhanced range of lifetime mortgage plans are funded by a leading UK life insurer. The rate quoted is the Tailored Enhanced plan with no cashback. The cashbacks available are based on a percentage of the loan taken and all differ by the interest rate applied. Hence, each a Tailored Enhanced plan can be designed to meet your needs, as will the interest rate More2Life will offer.

Eligibility

The More2Life Tailored Enhanced Plan is specifically designed for homeowners looking for the maximum lump sum or maximum cash reserve facility, based on health and lifestyle by checking the medical records of the homeowner. These impaired lifetime features can be then combined with the flexibility of a drawdown facility to provide an enhanced drawdown plan offering a higher loan amount than standard terms.

The minimum property valuation applicable to this More2Life Tailored Enhanced mortgage is £70,000 with no maximum upper property valuation. However, please contact us directly on properties over £1m as More2Life may impose restrictions on certain properties over this value. (contact us on 0800 802 1051, if valuation is higher).

Property location - which must be the homeowners main residence, needs to be located within England, Wales and mainland Scotland.

More2Life's Enhanced Equity Release scheme is available on both a single and joint life basis with a minimum age of youngest homeowner being 55 and has no upper age limit. Although the minimum age is 55, to qualify the equivalent underwritten rated age must reach 60 for single applications and 65 for joint applications.

As the Enhanced plan requires poor health for enhanced terms, More2Life require details of ailments to be submitted by the homeowner upon application. To qualify for enhanced terms the youngest homeowner will need to meet certain health and lifestyle criteria.

• lifestyle reasons - such as are you a smoker? have you retired early due to ill-health? height & weight - body mass index (BMI) can affect your loan size
• health reasons - such as being diagnosed with cancer, diabetes, heart attack, angina, stroke, high blood pressure, Parkinson's, Alzheimer's plus additional conditions. Please contact us on 0800 802 1051 for a full list of definitions.

The minimum release on this More2Life Enhanced plan is £10,000 with a maximum loan limited being £800,000 in England, Scotland and Wales. For loans greater than this, bespoke quotations are available via Equity Release Supermarket. Please call 0800 802 1051 for your personalised Key Facts Illustration.

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.

Options

This More2Life Enhanced equity release mortgage enables any homeowner to spend their tax-free cash as they wish, with no requirements to making any repayments.

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.

This More2Life Ill-Health Lifetime Mortgage Plan comes with the option to include enhanced terms dependent upon the health conditions of the homeowners. Therefore, if poor health can be evidenced then more favourable terms can be offered by way of a higher maximum equity release loan amount which would be larger than any standard terms.

The More2Life Tailored Enhanced Lifetime Mortgage offers homeowners with a history of poor health the advantage of being able to obtain a greater cash amount – either by way of an enhanced maximum loan or an enhanced cash reserve facility.

The Tailored Enhanced plan from More2Life includes a range of options to provide even greater flexibility.

Should the future balance and inheritance you leave be a concern, then the More2Life Tailored Enhanced plan allows partial payments of upto 10% per annum with no penalty. The minimum repayment permitted is £50 and they allow upto 12 payments in any one year.

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.

As part of the Tailored Enhanced options, More2Life offer a series of cashbacks which the homeowner can chose from. They are subject to regular changes, hence please contact your local Equity Release Supermarket adviser availability.

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

As part of the Tailored Enhanced Flexi Options, More2Life offer a series of cashbacks which the homeowner can chose from. They are subject to regular changes, hence please contact your local Equity Release Supermarket adviser availability.

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