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 plans.
The More2Life Flexi Choice range of lifetime mortgage plans are funded by a leading UK life insurer. There are three versions of the Flexi Choice plans – the Standard, Lite and Super Lite. The rate quoted is the Flexi Lump Sum Super Lite plan. They differ in the size of the loans they will provide at certain ages and the consequent interest rate More2Life will apply.
Their Flexi Choice Equity Release Plans provide an initial capital lump sum, which aims to offer a more competitive interest rate than its counterparts. Combining balance control measures with their flexible 10% partial repayment facility, along with competitive lifetime mortgage interest rate, More2Life aim to offer this lump sum equity release scheme to a wider generic audience of retirees.
The More2Life Flexi Choice Lump Sum Plan 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 both immediately & throughout retirement, whenever demand arises.
The minimum property valuation for the More2Life Flexi Choice Super Lite Plan is £100,000, with a maximum UK property value of £1.5 million. The property must be a main residence and be located within England, Wales, Mainland Scotland & Isle of Wight. More2Life will only take 85% of the valuation into account when assessing the value of flats and maisonettes.
More2Life will accept freehold properties within the UK, and leasehold properties in England & Wales. 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 More2Life Flexi Choice Super Lite 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 plan is higher than most at £10,000, with a maximum release of £460,000. For loans greater than £460,000, bespoke quotations maybe available, hence contact Equity Release Supermarket on 0800 678 5955
for your personalised Key Facts Illustration.
The More2Life Flexi Choice Super Lite plan offers the lowest interest rate of the three 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.
More2Life’s Flexi Choice Super Lite 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 Drawdown 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 drawndown.
The Flexi Choice equity release plans come 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.
There is currently a generous free unlimited valuation on the Flexi Choice range of drawdown 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.
Although the Flexi Choice lump sum scheme is essentially designed as a roll-up lifetime mortgage, More2Life have included a 10% Voluntary Payment Option. This allows the homeowner to make ad-hoc repayments of 10% of the original amount borrowed each year with NO penalty, after the plan has been running 6 months. There is no minimum cap that the lender will allow repayment to be paid down to. Therefore, unlike some schemes this plan can be paid 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 Super Lite 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.
To obtain further information, or to request a personalised quotation on the More2Life Flexi Choice Lump Sum Super Lite Scheme, please contact the Equity Release Supermarket team on 0800 678 5955