More 2 Life Capital Choice Ultra Lite

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

Are You Considering the Capital Choice Ultra 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 Ultra Lite Review

Capital Choice Ultra Lite Key Details

Type Rate APR
More 2 Life Fixed 2.85% 2.90%

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.

Could the More 2 Life Capital Choice Ultra 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!
More 2 Life Capital Choice Ultra Lite

What’s Equity Release?

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.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over the age of 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: How Does Equity Release Work?

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

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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,1Â assisting advisers, and prioritising the interests of their clients.

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.

Editor’s Rating: 4.93

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 or compare interest rates on equity release!

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.

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.

See how much you can release today!

How Much Can You Release?

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As Featured In
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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.
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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.
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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.
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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.
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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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