More 2 Life Capital Choice
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
Before You Start Reading...
How Much Can You Release? 👇
More 2 Life Capital Choice Review
Capital Choice Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 3.23% | 3.35% |
Scheme Incentives
- Cashback
- 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, 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 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 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 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 Plan is created particularly for homeowners seeking for a simple lump-sum plan with a competitive equity release interest rate and the versatility of balance control through ad hoc voluntary repayments.
Minimum Property Valuation
The minimum property valuation for this More2Life Capital Choice Plan Mortgage is £70000, with no higher property valuation limit.
Property Location Requirements
The property location, which must be the homeowner’s primary residence, must be in England, Wales, or mainland Scotland.
Single vs Joint
More2Life’s Capital Equity Release program is offered on both a single and joint life basis, with a minimum age of 55 and a maximum age restriction of 95 on this mortgage.
Minimum Release
The lowest release amount on this More2Life plan is £10000, with a generous maximum loan amount of £1500000 available.
Scheme Features
This More2Life Capital Choice Voluntary Lump Sum plan offers a tax-free lump sum cash release for immediate usage. This is perfect for people who want fast access to cash and the maximum amount available 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.
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 plan now includes set early repayment costs of 5% for the first 5 years, 3% for the following 5 years, and no penalty beyond that.
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 Equity Release program is offered on both a single and joint life basis, with a minimum age of 55 and a maximum age restriction of 95 on this mortgage.
Scheme Options
This More2Life Voluntary Repayment plan allows any homeowner to spend their tax-free equity however they see fit, with no need to make any repayments.
Repayment Options
The Voluntary Partial Repayment Option is one of the features of the More2Life Capital Choice Plan, which allows the homeowner to repay 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.
Cashback Options
More2Life provides a number of cashback options as part of the Capital Choice Options for the homeowner to select from.
Footnotes
*The three-year no-early-repayment-charge period applies to joint life plans when the loan is repaid within three years of death or long-term care of a spouse.
**Cashback of 3% is now available on loans of above £35000. The mentioned rate does not include the cashback incentive.
More 2 Life's Other Equity Release Schemes
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