More 2 Life Capital Choice Super Lite

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

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

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More 2 Life Capital Choice Super Lite Review

Capital Choice Super Lite Key Details

Type Rate APR
More 2 Life Fixed 2.99% 3.1%

Scheme Incentives

  • Free Valuation
  • Free Application

Scheme Offers

  • 3-year No Early Repayment Charge*
  • Downsizing Protection Feature
  • 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 Super Lite, equity release scheme the best?

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

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

However, it’s important to remember that 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 Super Lite 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!

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,1Â assisting advisers, and prioritising the interests of their clients.
More 2 Life Capital Choice Super Lite

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 Super Lite Drawdown Plan is created particularly for homeowners seeking for a flexible drawdown plan with the lowest equity release interest rate in the Capital Choice range and the flexibility of balance management.

Minimum Property Valuation

The lowest property valuation for this More2Life Capital Choice Super Lite 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 Super Lite 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

This More2Life Super Lite plan has a minimum release of £10000 and a maximum loan of £1500000.

Scheme Features

This More2Life Super Lite drawdown strategy 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 Super Lite 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 has introduced fixed early repayment costs to their Capital Choice Super Lite plan, which are 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 Super Lite 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 Drawdown Super Lite program allows any homeowner to spend their tax-free equity however they see fit, with no obligation to make any repayments.

Repayment Options

The Voluntary Partial Repayment Option is one of the features of the More2Life Capital Choice Super Lite Drawdown Plan, which allows the homeowner to return up to 10% of the initial amount borrowed each year with no penalty. This assists managers in controlling the future balance of the lifetime mortgage plan in the UK, either by reducing the roll-up impact of the interest, paying off the interest-only, or even reducing the future balance by using the maximum 10% allowed.

Inheritance Protection

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.

Footnotes

*The three-year no-early-repayment-charge period applies to joint life policies in which the loan is returned within three years of the death or long-term care of a partner.

Editor’s Rating: 4.82

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.

Before You Go

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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.

rachel w

Rachel Wait
Personal Finance Journalist

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.
John Lawson

Written by
John Lawson
Founder SovereignBoss

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.
francis

Reviewed by
Francis Hui
Senior Risk Manager

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.
kath icon

Katherine Read
Consumer Affairs Writer

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.
nicola

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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