More 2 Life Prime Choice
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
Before You Start Reading...
How Much Can You Release? 👇
More 2 Life Prime Choice Review
Prime Choice Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 4.68% | 4.85% |
Scheme Incentives
- Free Valuation
- Free Application
Scheme Offers
- 3-year No Early Repayment Charge*
- 5-Yr Downsizing Protection
- Fixed Early Repayment Charges
- Inheritance Protection 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 Prime 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 Prime 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 Prime 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 Prime Choice Plan is particularly intended for homeowners seeking for a straightforward bigger lump payment, as well as a suite of flexible choices to help with any future lifestyle changes.
Minimum Property Valuation
The minimum property valuation for this More2Life Prime Choice Lifetime Mortgage is £100000, with no higher property valuation limit. However, the minimum valuation for ex-local authority houses and bungalows is £150000.
Property Location Requirements
The property location, which must be the homeowner’s primary residence, must be in England or Wales only. More2Life will consider both freehold and leasehold property in England and Wales. More2Life’s leasehold conditions in England and Wales need a minimum of 115 years remaining at the time of completion.
Single vs Joint
More2Life’s Prime Choice Equity Release scheme is offered on both a single and joint life basis, with the youngest homeowner being 55 and the oldest homeowner being 84 on this lifetime mortgage.
Minimum Release
The Prime Choice plan has a minimum release of £10000 and a maximum borrowing of £600000.
Scheme Features
This More2Life Prime Choice plan is designed to give you a greater first tax-free lump sum cash release for immediate usage. This is perfect for people who want fast access to cash in the highest quantity feasible.
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 key element of the More2Life Prime Choice plan. This provision permits anyone who moves within 5 years of the loan’s commencement to return the debt in full with no penalty.
All More2Life Prime Choice models have the industry-recognized ‘No Negative Equity Guarantee.’
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 introduces set early repayment costs to their Prime Choice plan, which begin at 10% in year one and decrease by 1% each year until the ERC is just 1% in year ten. From year 11 onwards, there is no ERC.
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 Prime Choice Equity Release scheme is offered on both a single and joint life basis, with the youngest homeowner being 55 and the oldest homeowner being 84 on this lifetime mortgage.
Scheme Options
The Guaranteed Inheritance Feature, which is incorporated in the Prime Choice plan, allows the homeowner to secure a predetermined proportion of the ultimate selling value of the property for their beneficiaries. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.
Repayment Options
This More2Life Prime Choice Lump Sum program allows any homeowner to spend their tax-free equity however they see fit, with no obligation to make any repayments.
However, one of the advantages of the More2Life Prime Choice Plan is the Voluntary Partial Payment Option, which allows homeowners to repay up to 10% of the initial amount borrowed each year with NO penalty. This allows managers to control the eventual balance of the lifetime mortgage, either by reducing the roll-up impact of the interest, paying off the interest-only, or even by employing the entire 10 percent per annual allowed.
Inheritance Protection
More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.
Application Fees
More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.
Cashback Options
More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.
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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