This More2Life Prime Max 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 Prime Max Plan features is the Voluntary Partial Repayment Option which enables the homeowner 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 scheme UK, either to reduce the roll-up effect of the interest, pay off the interest only, or even reduce the future balance by using the full 10% allowance.
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.
*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 Prime Max Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 088 5898 today.