More 2 Life Capital Choice Plus
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More 2 Life Capital Choice Plus Review
Capital Choice Plus Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 3.29% | 3.41% |
Scheme Incentives
- Cashback
- Free Valuation
- Free Application
Scheme Offers
- No Application Fee Option*
- 10%pa Partial Voluntary Repayments With NO Penalty
- Guaranteed Inheritance Feature
- Fixed Early Repayment Charges
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 Plus, 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.
- Detailed information about the Capital Choice Plus scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Capital Choice Plus product.
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?
How Much Can You Release?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are More 2 Life?
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 More 2 Life Capital Choice Plus is available for applicants age 55-84 years old.
Minimum Property Valuation
Property Location Requirements
Single vs Joint
ERC exemption within three years of the death/admission into long-term care of first borrower in joint cases.
Minimum Release
Scheme Features
New LTVs start at 23% for those aged 55, increasing to 52% for borrower aged 84.
Loans available from £10,000 – £1.5m on either a lump sum or drawdown option.
Downsizing protection after an initial period of five years.
Valuation Features
Early Repayment Feature
ERC exemption within three years of the death/admission into long-term care of first borrower in joint cases.
Equity Release Council Status
Joint Application Features
ERC exemption within three years of the death/admission into long-term care of first borrower in joint cases.
Scheme Options
Loans available from £10,000 – £1.5m on either a lump sum or drawdown option.
Repayment Options
Partial repayment options from day one.
Inheritance Protection
Inheritance protection of up to 50% on lump sum products.
Application Fees
Cashback Options
Footnotes
More2Life updates are still in the works. We will give an update soon.
More 2 Life's Other Equity Release Schemes
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
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. Learn more about our editorial guidelines.
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HOW MUCH EQUITY CAN YOU RELEASE?
Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.
