More 2 Life Flexi Choice Super Lite
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
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More 2 Life Flexi Choice Super Lite Review
Flexi Choice Super Lite Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.76% | 2.92% |
Scheme Incentives
- Free Valuation
- Free Application
Scheme Offers
- Fixed Early Repayment Charges
- Downsizing Protection
- Guaranteed Inheritance Feature
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 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 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 Super Lite product.
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
- Boosting retirement income.
- Paying off credit debts or loans.
- Gifting money to family. (E.g. To help children pay a deposit on their first house)
- Taking a trip of a lifetime.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
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
More2Life Flexi Choice Voluntary Payment Plans are only offered through a restricted group of professional intermediaries, one of which being Equity Release Supermarket. They are designed for those who want to be able to repay their loans whenever they need to.
Minimum Property Valuation
The More2Life Flexi Choice Plans have a minimum property valuation of £125,000 and a maximum UK property valuation of £2 million in England (£1.5 million in Scotland and Wales).
Property Location Requirements
The property must be the primary residence and must be in England, Wales, Mainland Scotland, or the Isle of Wight. When determining the value of flats and maisonettes, More2Life will only consider 85 percent of the valuation.
More2Life will take freehold properties in the United Kingdom as well as leasehold homes in England and Wales. More2Life’s leasehold requirement is set as a minimum of 90 years.
Single vs Joint
This More2Life Flexi Choice Partial Payment Plan is offered for up to two applicants on a single and joint life basis. The minimum age at inception is 55, with a maximum age of 84 at admission (of the youngest).
Minimum Release
The Flexi Choice Super Lite plan has a minimum starting release of £10000 and a maximum release of £1 million.
Scheme Features
This More2Life Flexi Choice Super Lite is essentially a single lump sum equity release mortgage, with the goal of providing a one-time release of equity sufficient for the remainder of the homeowner’s life.
Downsizing Early Repayment Charge Exemption is available with the Flexi Choice equity release programs. 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 line of equity release programs presently offers a generous free unlimited valuation, allowing for a fee-free application.
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
This More2Life Flexi Choice Partial Payment Plan is offered for up to two applicants on a single and joint life basis. The minimum age at inception is 55, with a maximum age of 84 at admission (of the youngest).
Scheme Options
Despite the fact that the Flexi Choice program is effectively a roll-up lifetime mortgage, More2Life has incorporated a 10% Voluntary Payment Option. After the plan has been functioning for 6 months, the homeowner can make ad hoc repayments of 10% of the initial amount borrowed each year with NO penalty.
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.
Inheritance Protection
The Guaranteed Inheritance Provision is an inheritance protection feature provided by the More2Life Flexi Choice Lump Sum Super Lite plan. 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 revised if and when further funds are pulled down.
Footnotes
*The Flexi Choice Voluntary Repayment plan allows you to choose whether or not to pay the application fee. Choosing the no-fees option will result in an increase in the interest rate. The given rate is for the fee-free version, which includes an application charge.
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!
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.
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