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 provide a range of flexible drawdown lifetime mortgage plans including the Flexi Choice and Capital Choice plans. Their Tailored Choice Equity Release Plan offers an Enhanced Lifetime Mortgage plan which takes health and lifestyle into consideration to gauge the maximum loan size available to the homeowners.
The More2Life Tailored Choice Plan is specifically designed for homeowners looking for the 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.
The minimum property valuation applicable to this More2Life Tailored Choice 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.
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 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 plan requires poor health for qualification, then 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.
Qualification for this enhanced lifetime mortgage will be for conditions such as: –
– lifestyle reasons
such as – are you a smoker? have you retired early due to ill-health?
– health reasons
such as – diagnosed with cancer, diabetes, heart attack, angina, stroke, high blood pressure, Parkinson’s, Alzheimer’s plus additional conditions. Please contact us for a full list of definitions.
The minimum release on this More2Life plan is £10,000 with a maximum loan limited being £600,000 in England & £250,000 in Scotland and Wales. For loans greater than this, bespoke quotations are available via Equity Release Supermarket. Please call 0800 678 5955
for your personalised Key Facts Illustration.
The More2Life Tailored Choice Drawdown 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 worse the medical condition(s), the potentially higher the loan amount will be made available.
The minimum withdrawal amount from the cash reserve facility is £5,000 with no further administration charges for 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.
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.
This More2Life Enhanced Drawdown Mortgage enables any homeowner to spend their tax-free cash as they wish, with no requirements to making any repayments.
*As part of the Tailored Choice Flexi Options, More2Life offer a series of cashbacks which the homeowner can chose from. They are subject to regular changes, hence please call 0800 678 5955
for upto date information on availability.
**Rates are based upon age
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 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.
To obtain further information or to request a quotation on the More2Life Tailored Choice Lifetime Mortgage, please contact the Equity Release Supermarket team on 0800 678 5955