More 2 Life Tailored Enhanced

Are You Considering the Tailored Enhanced Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Tailored Enhanced Key Details

Type Rate APR
More 2 Life Fixed 5.7% 6.00%

Scheme Incentives

  • Cashback
  • Free Valuation

Scheme Offers

  • Enhanced Drawdown Facility
  • Upto 10%pa Partial Payments with no ERC
  • Guaranteed Inheritance Feature
  • 3-Year Early Repayment Exemption
More 2 Life Tailored Enhanced

More 2 Life Tailored Enhanced Review

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 Tailored Enhanced, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.

However, 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 Tailored Enhanced 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!

What's Equity Release & How Does It Work?

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

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.

Equity release is available for individuals or couples over 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: What’s Equity Release & How Does It Work?

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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,1  assisting advisers, and prioritising the interests of their clients.
Learn more about the various More 2 Life equity release schemes..

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 Tailored Enhanced Plan is particularly developed for homeowners seeking the highest cash reserve facility, depending on health and lifestyle, by reviewing the homeowner’s medical data. These reduced lifespan characteristics can then be combined with the flexibility of a drawdown facility to produce an enhanced drawdown plan with a larger loan amount than is typical.

More2Life needs information of illnesses to be supplied by the homeowner upon application since the plan demands bad health for enhanced terms. To qualify for better terms, the youngest homeowner must fulfill specific health and lifestyle requirements.

Minimum Property Valuation

The minimum property valuation for this More2Life Tailored Enhanced mortgage is £70000, with no upper property valuation limit.

Property Location Requirements

Property location – which must be the homeowner’s primary residence – must be in England, Wales, or mainland Scotland.

Single vs Joint

More2Life’s Enhanced Equity Release program is accessible on a single and joint life basis, with the youngest homeowner being 55 and no higher age restriction. Although the minimum age is 55, the corresponding underwritten rating age must be 60 for solo applications and 65 for combined applications in order to qualify.

Minimum Release

More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.

Scheme Features

The More2Life Tailored Enhanced Drawdown plan calculates the maximum cash reserve facility based on the homeowner’s health. This improved facility releases an initial tax-free lump sum cash amount for instant usage. Importantly, any unused cash is kept in a cash reserve facility for future use if needed. This is perfect for people who want urgent cash but also want the assurance of having access to the largest cash reserve facility accessible in the future.

The amount of the cash reserve facility is closely connected to the individual’s health and lifestyle. As a result, the greater the severity of the medical condition(s), the greater the potential loan amount.

The minimum withdrawal amount from the cash reserve facility is £2000, and there are no extra administrative fees on any subsequent drawdown amounts.

The More2Life Tailored Enhanced plan offers the benefit of allowing for greater drawdown. This implies that the amount of tax-free cash accessible is greater than that provided by ordinary plans. This is due to the augmentation imposed as a result of the underwriting based on the individual’s medical history.

Valuation Features

A substantial free appraisal is provided, as well as a guaranteed lifetime interest rate on the initial lump amount. Any subsequent withdrawals would be subject to the interest rate in effect at the time of withdrawal.

Early Repayment Feature

The Tailored Enhanced plan has set early repayment costs (ERCs) throughout a 15-year term. Starting at 10% in year one, they drop by 1% every year until year ten, then continue 1% until year fifteen, when no ERCs apply.

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 Enhanced Equity Release program is accessible on a single and joint life basis, with the youngest homeowner being 55 and no higher age restriction. Although the minimum age is 55, the corresponding underwritten rating age must be 60 for solo applications and 65 for combined applications in order to qualify.

More2Life currently offers a 3-year early repayment charge exemption for combined applicants. This implies that if one of the property owners dies or enters long-term care, the survivor has a three-year window in which to return the debt without penalty.

Scheme Options

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.

This More2Life Increased Lifetime Mortgage Plan includes the opportunity to incorporate enhanced terms based on the homeowners’ health status. As a result, if bad health can be demonstrated, more favorable conditions can be provided in the form of a bigger maximum equity release loan amount, which would be more than any normal terms.

The More2Life Tailored Enhanced Lifetime Mortgage allows homeowners with a history of ill health to acquire a larger cash amount – either through an increased maximum loan or an increased cash reserve facility.

Another option for inclusion is the Guaranteed Inheritance Feature, which 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.

Repayment Options

This More2Life Enhanced Drawdown Mortgage allows any homeowner to spend their tax-free money however they see fit, with no obligation to make any repayments.

More2Life’s Tailored Enhanced plan provides a variety of choices to provide even more freedom.

If the future amount and inheritance you leave are a concern, the More2Life Tailored Enhanced plan provides for no-penalty partial payments of up to 10% each year. The minimum payback allowed is £500, and they accept up to six installments each year.

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

More2Life provides a variety of cashback alternatives as part of the Tailored Enhanced options for the homeowner to select from. They are subject to change on a regular basis, so please check with your local Equity Release Supermarket adviser for availability.

Footnotes

More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.

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!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
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I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
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Janus Kern
SovereignBoss client

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.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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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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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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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 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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