More 2 Life Flexi Choice Premier Lump Sum Super Lite
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
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More 2 Life Flexi Choice Premier Lump Sum Super Lite Review
Flexi Choice Premier Lump Sum Super Lite Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.77% | 2.87% |
Scheme Incentives
- Free Valuation
- Free Application
Scheme Offers
- Fixed Early Repayment Charges
- Downsizing Repayment Charge Exemption
- Fees Free Option*
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 Flexi Choice Premier Lump Sum 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 Flexi Choice Premier Lump Sum 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 Flexi Choice Premier Lump Sum 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 Flexi Choice Premier Lump Sum Super Lite is only accessible through a restricted group of specialised intermediaries, one of which being Equity Release Supermarket. They are designed for those who want flexibility and rapid access to cash, generally in the form of a one-time payment.
The More2Life Flexi Choice Premier Super Lite plan has the lowest interest rate of all of the equity release plans available.
Minimum Property Valuation
The More2Life Flexi Choice Premier Super Lite Plan has a minimum property valuation of £2000001 and a maximum UK property valuation of £5 million.
Property Location Requirements
The property must be the primary dwelling and must be situated only in England. When determining the value of flats and maisonettes, More2Life will only consider 85 percent of the valuation.
In England, More2Life will take both freehold and leasehold properties. More2Life’s leasehold requirement is set as a minimum of 90 years. Furthermore, the youngest applicant’s age plus the remaining duration of the lease must total a minimum of 160 years.
Single vs Joint
The Flexi Choice Premier Super Lite Plan is available on a single and joint life basis for up to two applicants. The minimum age at beginning is 55 years old, with a maximum age at admission of 84 years old – the youngest.
Minimum Release
The Flexi Choice Premier plan has a larger minimum borrowing of £100000 and a maximum discharge of £1850000 than others.
Scheme Features
More2Life’s Flexi Choice Premier Super Lite lifetime mortgage is a single lump sum plan that seeks to offer equity release according to the amount the homeowner is anticipated to require over their lifetime.
Downsizing Early Repayment Charge Exemption is included with the Flexi Choice Premier equity release plan. Once the plan has been in place for 5 years, this provision becomes active if the homeowner decides to sell. If the property to which they want to relocate does not match More2Life’s financing standards, the loan can be returned with no penalty.
All More2Life Flexi Choice models have the industry-recognized ‘No Negative Equity Guarantee.’
Valuation Features
The Flexi Choice Premier line of lump sum plans is now offering a generous free unlimited valuation, allowing for fee-free admission on application.
Early Repayment Feature
More2Life and Rothesay’s Flexi Choice Premier plans provide information on early repayment costs. Early repayment costs (ERCs) are stipulated in the Flexi Choice Premier Super Lite Lump Sum plan, which implies that a predetermined proportion of the amount repaid will be levied within a specified period. These decrease from 10% in the first year to 2% of the outstanding debt in the ninth year. Following that, More2Life charges 1% in years 10-15, and then no early repayment fee after the 15th year.
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
The Flexi Choice Premier Super Lite Plan is available on a single and joint life basis for up to two applicants. The minimum age at beginning is 55 years old, with a maximum age at admission of 84 years old – the youngest.
Scheme Options
Despite the fact that the Flexi Choice Premier lump sum program is basically a roll-up lifetime mortgage, More2Life has provided a 10% Voluntary Partial Repayment Option. Once the plan has begun, the homeowner can make ad hoc repayments of 10% of the initial amount borrowed each year with NO penalty. The minimum payment must be at least £50 each time.
There is no minimum amount that the lender will accept as repayment. As a result, unlike some plans, this plan can be returned entirely using the voluntary payback allowance. This can assist manage the plan’s future balance and can thus be administered on an interest-only or repayment basis, or simply ad hoc whenever the need arises. This might be useful for people who want to ensure that their beneficiaries get some sort of inheritance.
Repayment Options
More2Life has incorporated a 10% Voluntary Partial Repayment Option. Once the plan has begun, the homeowner can make ad hoc repayments of 10% of the initial amount borrowed each year with NO penalty. The minimum payment must be at least £50 each time.
Inheritance Protection
The Guaranteed Inheritance Feature is another inheritance protection feature provided by the More2Life Flexi Choice Premier range. More2Life will automatically secure a percentage of the future selling value of the house based on the amount initially withdrawn at no additional cost to the homeowner. This will be updated as further funds are drawn down.
Footnotes
*The Flexi Choice Premier Super Lite plan allows you to choose whether or not to pay the application cost.
Choosing the no-fees option will result in an increase in the interest rate. The mentioned pricing includes the application charge.
More 2 Life's Other Equity Release Schemes
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