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More2life Flexi Choice Premier Extra Rates & Details

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Flexi Choice Premier Extra

  • Type Fixed
  • Rate 6.83%
  • APR 7.11%
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Incentives:
  • Free Valuation
  • Free Application
Offers:
  • 10%pa Partial Repayment 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 lifetime mortgage plans including the Tailored Choice, Capital Choice and Maximum Choice plans.

The More2Life Flexi Choice range of lifetime mortgage plans are funded by a leading UK life insurer. The versions of the Flexi Choice plans include - Super Lite, Lite, Midi, Extra and Plus. The rate quoted is the Flexi Choice Premier Extra plan. All plans differ in the size of the loan-to-values they provide at certain ages and the resultant interest rate More2Life will apply basd on this loan-to-value. In essence, the lower the loan-to-value, the lower the interest rate that's offered.

Their Flexi Choice Premier Equity Release Plans are aimed at the higher net worth end of the mortgage market due to the minimum loan size and minimum acceptable property value. The Premier Choice Plan provides a large initial capital lump sum only. Combining balance control measures using their flexible 10% partial repayment facility, along with a competitive lifetime mortgage interest rate, More2Life aim to offer this Premier Lump Sum equity release scheme to a specific target of high net worth retirees.

Eligibility

The More2Life Flexi Choice Premier Extra 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 flexibility & access to capital immediately, usually as a one-off payment.

The minimum property valuation for the More2Life Flexi Choice Premier Extra Plan is £2,000,001. The property must be a main residence and be located within England only. More2Life will only take 85% of the valuation into account when assessing the value of flats and maisonettes.

More2Life will accept freehold and leasehold properties in England. 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 Flexi Choice Premier Extra 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 Premier plan is higher than most at £100,000, with a maximum release of £2,000,000. For loans greater than £1.85 million, bespoke quotations maybe available, hence contact Equity Release Supermarket on Freephone 0800 088 5898 for your personalised Key Facts Illustration.

The More2Life Flexi Choice Premier Extra plan offers the lowest interest rate of the many versions of this equity release scheme. In obtaining the lowest interest rate, More2Life do have a subsequent lower loan-to-value ratio, details of which can be found be contacting Equity Release Supermarket directly.

Features

More2Life's Flexi Choice Premier Extra lifetime mortgage is a single lump sum plan which aims to provide a release of equity commensurate with the amount the homeowner is likely to need during their lifetime.

Another inheritance protection feature afforded by the More2Life Flexi Choice Premier 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 drawn down.

The Flexi Choice Premier equity release plan comes 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 Premier plans between More2Life and Rothesay come with clarity over their early repayment charges. The Flexi Choice Premier Extra 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 Premier range of lump sum 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 Premier lump sum scheme is essentially designed as a roll-up lifetime mortgage, More2Life have included a 10% Voluntary Partial Repayment Option. This allows the homeowner to make ad-hoc repayments of 10% of the original amount borrowed each year with NO penalty, once the plan has started. The minimum payment each time must be at least £50.

There is no minimum cap that the lender will allow repayment to be paid down to. Therefore, unlike some schemes, this plan can be repaid down to £0 by using the voluntary repayment allowance. This 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 Premier Extra 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. The rate quoted is with the application fee levied.

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

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