Compare Deals Voluntary Payment Capital Choice

Capital Choice

Type Fixed
Rate 4.35%
APR 4.51%

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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 Voluntary Partial Repayment Lifetime Mortgage Plan is funded by Phoenix Equity Partners.

More2Life provide a range of lifetime mortgage plans including the Tailored Choice & Interest Choice plans. Their Capital Choice Voluntary Repayment Equity Release Plan is a Lump Sum Lifetime Mortgage plan which aims to offer a lower interest rate than its counterparts. Combining balance control measures with their flexible 10% partial repayment facility, with competitive lifetime mortgage interest rate, More2Life aim to offer this lump sum equity release scheme to a wider generic audience of retirees.

Eligibility

The More2Life Capital Choice Plan is specifically designed for homeowners looking for a simple lump sum plan, but also with a competitive equity release interest rate and the flexibility of balance control via making ad-hoc voluntary repayments.

The minimum property valuation applicable to this More2Life Capital Choice Plan Mortgage is just £70,000 with no maximum upper property valuation. 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's Capital 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 mortgage.

The minimum release on this More2Life plan is £15,000 with a generous maximum loan available of £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 personalised Key Facts Illustration.

Features

This More2Life Capital Choice Voluntary Lump Sum scheme 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 plan which are 5% for 5 years, 3% for the next 5 years and no penalty thereafter.

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.

Options

This More2Life Voluntary Repayment 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 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. As part of the Capital Choice Options, More2Life offer a series of cashbacks 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 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
**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 Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 678 5955 today.

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More2life Capital Choice Rates & Details