Compare Deals Lump Sum Capital Choice Plus

Capital Choice Plus

Type Fixed
Rate 4.65%
APR 4.82%

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Incentives:

Cashback
Free Valuation
Free Application

Offers:

10%pa Partial Repayments Option
3-year No Early Repayment Charge*
Downsizing Protection Feature
Guaranteed Inheritance Feature
Fixed Early Repayment Charges
Cashback Options**

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 Plus 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 Plus Equity Release Plan is a Lump Sum Lifetime Mortgage plan which aims to offer a lower interest rate combined with a plethora of flexible options. It differs from the Capital Choice Plan by starting at a higher age, but offering increased loan-to-values and subsequently a higher maximum loan availability.

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 many options to meet their changing future needs.

Eligibility

The More2Life Capital Choice Plus 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 Plus Mortgage is just £70,000, 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 Plus Equity Release scheme is available on both a single and joint life basis with a minimum age of youngest homeowner being 60, and an upper age limit of 75 on this lifetime mortgage.

The minimum release on the Capital Choice plan is £15,000 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 678 5955 for your More2Life Capital Choice personalised Key Facts Illustration.

Features

This More2Life Capital Choice Plus 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 Plus plan which are 5% for 5 years, 3% for the next 5 years & none thereafter.

Another important feature that the More2Life Capital Choice Plus 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.

All versions of the More2Life Flexi Choice Plus 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 and above the final value of the property.

Options

This More2Life Capital Choice Plus 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 More2Life Capital Choice Plus Plan features is the Voluntary Partial Repayment Option, which ellows 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 Plus Plan Options, More2Life offer a series of cashback's which the homeowner can choose from. They are subject to regular changes, hence please call Freephone 0800 678 5955 for upto date information on availability.

A further option included 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.

*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
**3% cashback currently applicable to loans over £35,000. Rate quoted excludes cashback offer.

To obtain further information or to request a quotation on the More2Life Capital Choice Plus Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 678 5955 today.

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More2life Capital Choice Plus Rates & Details