More 2 Life Capital Choice Ultra Lite
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
Before You Start Reading...
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More 2 Life Capital Choice Ultra Lite Review
Capital Choice Ultra Lite Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.85% | 2.9% |
Scheme Incentives
- Free Valuation
- Free Application
Scheme Offers
- 3-year No Early Repayment Charge*
- Downsizing Protection 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 Ultra 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 Ultra 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 Ultra Lite product.
Let’s find out!
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 offers 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 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 Ultra Lite Plan is particularly intended for homeowners seeking for a basic lump-sum plan, as well as a suite of flexible alternatives to help with any future lifestyle changes.
Minimum Property Valuation
This More2Life Capital Choice Ultra Lite Mortgage requires a minimum property valuation of £779000 and a maximum property valuation 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. More2Life will take both freehold and leasehold homes in England, as well as absolute ownership on the mainland of Scotland. More2Life’s leasehold conditions in England and Wales need a minimum of 80 years remaining at the time of completion.
Single vs Joint
More2Life’s Capital Choice Ultra Lite Equity Release program is offered on both a single and joint life basis, with a minimum age of the youngest homeowner of 55 and an upper age restriction of 95.
Minimum Release
The Capital Choice Ultra Lite plan has a minimum release of £300,000 and a maximum loan of £1500,000.
Scheme Features
This More2Life Ultra Lite plan offers a first tax-free lump sum cash release that is available for immediate usage. This is perfect for people who want fast access to cash in the highest amount feasible at a possibly lower interest rate than many other equity release plans on the market.
The maximum lump amount is determined by 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 loan authorized.
The shrinking protection function is another essential element of the More2Life Capital Choice Ultra Lite Lump Sum plan. This provision permits anyone who moves within 5 years of the loan’s commencement to return the debt in full with no penalty.
The industry-recognized ‘No Negative Equity Guarantee’ is included with all variants of More2Life’s Capital Choice plans.
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 Ultra Lite 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
As members of the Equity Release Council, More2Life ensures that any beneficiaries are not burdened by debt in excess of the property’s final worth.
Joint Application Features
More2Life’s Capital Choice Ultra Lite Equity Release program is offered on both a single and joint life basis, with a minimum age of the youngest homeowner of 55 and an upper age restriction of 95.
Scheme Options
This More2Life Capital Choice Lump Sum program allows any homeowner to spend their tax-free equity anyway they see fit, with no obligation to make any repayments.
Repayment Options
This assists in managing the future balance of the lifetime mortgage, either to decrease the roll-up impact of the interest, pay off the interest alone, or even to lower the future balance by utilizing the entire 10% per annual limit.
Cashback Options
More2Life, as part of the Capital Choice Ultra Lite Options, can offer a variety of cashbacks from which the homeowner can pick.
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
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