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More2life Capital Choice Ultra Lite 1 Details

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Capital Choice Ultra Lite 1

  • Type Fixed
  • Rate 6.12%
  • APR 6.36%
Incentives:
  • Free Valuation
  • Free Application
Offers:
  • 10%pa Partial Repayments Option
  • 3-year No Early Repayment Charge*
  • Downsizing Protection 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 Ultra Lite 1 Lifetime Mortgage Plan is funded by Phoenix Equity Partners.

More2Life provide a range of lifetime mortgage plans including the Flexi Choice, Tailored Choice and Maximum Choice plans. This Capital Choice Ultra Lite 1 Equity Release Plan is a Lump Sum Lifetime Mortgage plan which aims to offer the lowest interest rate of all the Capital Choice range. This Ultra Lite 1 plan however, also attracts a lower loan-to-value ratio than its Capital Choice counterparts. In addition, the M2L Super Lite version comes with a plethora of flexible options providing flexibility and certainty - see below.

Enabling balance control measures with a flexible 10% partial repayment facility, More2Life aim to offer this lump sum equity release scheme to a wider generic audience of retirees looking for options to meet their changing future needs.

Eligibility

The More2Life Capital Choice Ultra Lite 1 Plan is specifically designed for homeowners looking for a simple lump sum plan, alongside a suite of flexible options to assist any change in lifestyle that may arise in the future.

The minimum property valuation applicable to this More2Life Capital Choice Ultra Lite 1 Mortgage is £779,000, with a maximum upper property valuation of £5 million. However, please contact us directly on properties over £5m, 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. More2Life will accept freehold and leasehold properties in England, with absolute ownership in mainland Scotland. More2Life's criteria for leaseholds in England and Wales are defined as a minimum of 80 years remaining at the time of completion.

More2Life's Capital Choice Ultra Lite 1 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 on this lifetime mortgage.

The minimum release on the Capital Choice Ultra Lite 1 plan is £300,000 with a maximum loan capped at £1,500,000. For loans greater than this, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 088 5898 for your More2Life Capital Choice Ultra Lite 1 personalised Key Facts Illustration.

Features

This More2Life Ultra Lite 1 plan provides an initial tax-free lump sum cash release for immediate use. This is ideal for those needing access to immediate cash and the largest amount possible, at a potentially lower interest rate than many other equity release plans in the market.

The size of the maximum lump sum 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 loan 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 Ultra Lite 1 plan which are 5% for 5 years, 3% for the next 5 years & none thereafter.

Another important feature that the More2Life Capital Choice Ultra Lite 1 Lump Sum plan offers is the downsizing protection feature. This inclusion allows anyone moving home after a period of 5 years from inception, to repay the loan in full with NO penalty.

Options

This More2Life Capital Choice 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 Ultra Lite 1 Plan features there is the Voluntary Partial Repayment Option, which allows homeowners 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, either to reduce the roll-up effect of the interest, pay off the interest only, or even reduce the future balance by utilising the full 10% per annum allowance.

As part of the Capital Choice Ultra Lite 1 Options, More2Life can offer a series of cashback's which the homeowner can choose from. They are subject to regular changes, hence please call Freephone 0800 088 5898 for upto date information on availability.

*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 Ultra Lite 1 Lump Sum Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 088 5898 today.

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