More 2 Life Capital Choice Super Lite
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
Before You Start Reading...
Let's See How Much You Can Release 👇
Now, compare and save: Search over 200 equity release council approved plans and find the best deal for the amount of money that you need.
More 2 Life Capital Choice Super Lite Review
Capital Choice Super Lite Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
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.
- We'll provide detailed information about the Capital Choice Super Lite scheme.
- We’ll help you assess whether this plan could be right for you and your family.
- We'll explain how low the current interest rates are for the Capital Choice Super Lite product.
What’s Equity Release?
An equity release mortgage (see What’s Equity Release?) 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.
We’ve summed up the most important information about the topic in this quick video.
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 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.
More 2 Life's Other Equity Release Schemes
Are you looking for a specific equity release scheme?
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 or compare interest rates on equity release!
Before You Go!
How Much Can You Release?
It's VERY FAST and, takes just 8 seconds
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.
