More 2 Life Capital Choice

Are You Considering the Capital Choice Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Capital Choice Key Details

Type Rate APR
More 2 Life Fixed 3.23% 3.35%

Scheme Incentives

  • Free Valuation
  • Free Application

Scheme Offers

  • 3-year No Early Repayment Charge*
  • Downsizing Protection Feature
  • Guaranteed Inheritance Feature
  • Fixed Early Repayment Charges
More 2 Life Capital Choice

More 2 Life Capital Choice Review

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the More 2 Life Capital Choice, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.

However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the More 2 Life Capital Choice be the right equity release plan for you?
We’re here to help you:
More 2 Life is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with More 2 Life?
Let’s find out!

What's Equity Release & How Does It Work?

We've summed up the most important information about the topic in this quick video.

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: What’s Equity Release & How Does It Work?

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Most popular reasons for releasing equity

Who Are More 2 Life?

More2Life is one of the UK’s leading lifetime mortgage lenders, and from its inception, they’ve been exclusively focused on equity release,1  assisting advisers, and prioritising the interests of their clients.
Learn more about the various More 2 Life equity release schemes..

Scheme Background

Are you 55+ and craving more flexibility in equity release lending? Choose More2Life equity release, the lending specialists that offer a range of bespoke lifetime mortgage deals to homeowners over the age of 55.

As the specialist lending arm of Key Retirement, More2Life uses external funding models to offer a range of lifetime mortgage plans, including the Tailored Choice and Flexi Choice plans.

Their Capital Choice Equity Release scheme is a Drawdown Lifetime Mortgage plan which aims to provide a low-interest rate, yet higher loan-to-value ratios.

What’s more, the Capital Choice Drawdown Plan provides a greater level of flexibility than the simpler Capital Choice Lump Sum version. With this being a drawdown scheme, a flexible cash facility is provided which enables the homeowner to access future funds, as and when required.

Eligibility & Requirements

The More2Life Capital Choice Drawdown Plan is particularly intended for homeowners seeking for a flexible drawdown plan that also includes a competitive equity release interest rate and the ability to adjust their amount.

Minimum Property Valuation

The lowest property valuation for this More2Life Capital Choice Mortgage is £70000, with a maximum property worth of £5 million.

Property Location Requirements

The property location, which must be the homeowner’s primary residence, must be in England, Wales, or mainland Scotland. Flats and maisonettes will have a loan-to-value of 85 percent of the normal loan-to-value.

Single vs Joint

More2Life’s Capital Choice Drawdown Equity Release program is offered on a single and joint life basis, with a minimum age of 55 and an upper age restriction of 95 for this lifetime mortgage.

Minimum Release

The lowest loan amount on this More2Life plan is £10000, with a maximum loan amount presently set at £1500000.

Scheme Features

This More2Life Capital Choice Drawdown program is an equity release plan that seeks to offer a release of equity in proportion to the amount of equity the homeowner is anticipated to require over their lifetime. This can be taken as a lump sum or as a series of payments as and when needed during the homeowner’s lifetime by utilizing the cash reserve facility, which will be 2x the initial loan amount.

The maximum withdrawal facility is proportional to the age of the youngest applicant and the value of the property. As a result, the greater the applicant’s age, the greater the aggregate maximum withdrawal facility made accessible.

The downsizing protection feature of the More2Life Capital Choice plan is an additional and important feature that allows anyone moving house after 5 years to return the loan in full with NO penalty.

Valuation Features

A substantial free appraisal is provided, as well as a guaranteed lifetime interest rate on the initial lump amount.

Early Repayment Feature

More2Life’s Capital Choice plan now includes set early repayment costs of 5% for the first 5 years, 3% for the following 5 years, and none thereafter.

Equity Release Council Status

More2Life is an Equity Release Council member, and all of its plans come with a no-negative-equity guarantee. As a result, when the house is ultimately sold, no beneficiaries will be left with a debt owed to the equity release lender.

Joint Application Features

More2Life’s Capital Choice Drawdown Equity Release program is offered on a single and joint life basis, with a minimum age of 55 and an upper age restriction of 95 for this lifetime mortgage.

Scheme Options

This More2Life Lump Sum program allows any homeowner to spend their tax-free equity as they see fit, with no obligation to make repayments.

Another option for inclusion in the Guaranteed Inheritance Feature allows the homeowner to secure a predetermined proportion of the property’s ultimate selling value for their beneficiaries. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Repayment Options

The Voluntary Partial Repayment Option is one of the features of the More2Life Capital Choice Drawdown Plan, which allows the homeowner to return up to 10% of the original amount borrowed each year with NO penalty. This assists in managing the future balance of the lifetime mortgage plan in the UK, either to decrease the roll-up impact of the interest, pay off the interest-only, or even to lower the future balance by utilizing the maximum 10% allowed.

Inheritance Protection

More 2 Life Capital Choice Lifetime Plan updates are still in the works. We will give an update soon.

Application Fees

More 2 Life Capital Choice Lifetime Plan updates are still in the works. We will give an update soon.

Cashback Options

More 2 Life Capital Choice Lifetime Plan updates are still in the works. We will give an update soon.

Footnotes

*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

More 2 Life's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by More 2 Life.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
SovereignBoss client
I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
janus
Janus Kern
SovereignBoss client

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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Rachel Wait
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Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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