More2Life is an award winning lender in the equity release industry. For several years, they have offered lifetime mortgages to consumers. With various products on the market they provide the over 55s with retirement funds to live more comfortable as they age. More2Life is a member of the Equity Release Council and careful to follow the Code of Conduct. They also adhere to Financial Conduct Authority regulations. More2Life works with Partnership Assurance annuity specialists to provide their plans.
Type of Plans
More2Life has three plans: enhanced, protected and interest choice plan. Each has specific features and benefits that make it better for certain borrowers over others. The enhanced plan is available to homeowners at least 65 years of age, with no maximum age limit. Homes need to be in the UK with a minimum value of £60,000. The maximum loan amount is set at £1 million. Since it is an enhanced plan a health and lifestyle questionnaire is required to determine if there is any ailing health to increase the maximum loan amount.
The protected plan works for all qualifying homeowners, but it is not designed for illness only like the enhanced plan. It works without the need to fill out a health and lifestyle questionnaire. There are no monthly repayments. The repayments are made when the property sold at death or move to care facility. Eligibility is different from the enhanced plan. Homeowners need to be 70 years old at least. The property value criteria are the same.
The third option is interest choice plan, which is set up for the homeowner to repay 1% to 100% of the monthly interest accrued on a monthly basis. Homeowners must pay a minimum of £25 per month to keep the interest choice plan. It is an interest only plan and the only one that requires repayment. It can have a drawdown facility or have a one-off lump sum tax free cash award. Eligibility begins at age 60 with a maximum age of 99. Property value must be £70,000 at least with a maximum of £1 million.
Options to Add to Equity Release
More2Life offers inheritance protection for their loans. This protection keeps a percentage of the property value out of the loan agreement. During the time of sale, funds are dispersed to heirs and the remaining funds pay off the principle sum plus interest that accrues. Should the home value appreciate beyond the principle and interest, plus any inheritance protection amount, the additional funds are given to the heir.