The broker will compare options from the following brands only:
Aviva, Hodge Lifetime, Just (Just Retirement), Legal & General (L&G), LV (Liverpool Victoria), More2Life, OneFamily, Pure Retirement, Retirement Advantage.
Find the Right Equity Release Deal - Rates from 2.96% for 55 and Over.
More2Life is an award-winning equity release company. Just in 2018, More2Life were awarded the following accolades:
The company has specialised in equity release products since their inception in 2008. Throughout the years, they’ve come to be known as innovators for later life borrowing, helping homeowners over the age of 55 to borrow flexibly based on the equity held in their homes.
More2Life is now Britain’s 3rd Largest Equity Release Company and has now helped homeowners unlock £1 billion in property wealth. They’re also regulated by the Financial Conduct Authority and are a Board member of the Equity Release Council.
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The capital Choice plan provides eligible homeowners with a lump sum tax-free payment. More2life now includes a drawdown option on this plan, which is subject to a minimum of £2,000 withdrawal.
This plan can cater to those with a shorter life expectancy and can be used for incremental withdrawals or a lump sum payment.
The More2Life Tailored Choice plan is designed to offer more flexible borrowing terms for older people with health concerns and can provide better terms. Your advisor will go through a series of health and lifestyle questions, requiring just a yes or no answer. There is no medical to attend, and there may be more competitive interest rates if you have a medical condition that’s expected to lower your life expectancy.
The Flexi plan is the most straightforward plan to provide a one-off tax-free lump sum payment.
The More2Life Maximum Choice plan is the most flexible plan allowing for both lump sum payments and drawdown. If opting for drawdown, a minimum withdrawal of £500 applies.
Additional Features of More2Life Equity Release Products
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All Equity Release plans from More2Life offer the following as standard:
Optional features include:
Flexible Lending the Way You Need It!
As with all lifetime mortgages, you do need to consult with a financial advisor. 1st UK is experienced in equity release and can compare the whole of market to ensure More2Life have the best and most suitable product to meet your needs, and with any safeguards, you want in place for financial protection.
Of all the equity release companies there are, More2Life certainly do stack the benefits, but that’s not to say any of their plans will be suited to you. All plans use interest roll up, which means when you take the lifetime mortgage out, interest is added to the loan amount and rolled up until it’s repaid.
There are no requirements for you to pay any money back in your lifetime. Instead, when you or you and your partner pass if you choose a joint lifetime mortgage, the loan and interest due will be paid following the sale of your home.
The surviving partner can choose to move home or repay the loan in its entirety free of any early repayment charges if it’s done within three years of one partner passing on. They are never under any obligation to repay the loan or to sell the home.
As there are no restrictions on how you can spend the money you release from your property, you can spend it as you wish.
For some nearing retirement age or those on an interest-only mortgage, some of the equity released will be used to repay an existing mortgage.
Drawdown customers can choose to take a smaller initial lump sum payment to:
With the additional benefit of having funds on reserve to use in the future.
1st UK are whole of market brokers and advisors able to discuss a variety of borrowing methods suited to the over 55s. Those in retirement or nearing retirement have a range of ways to release some of the wealth currently locked into their homes.
The minimum amount you can borrow is £10,000 based on your property valuation. You don’t need to take all of that as there are various plans from a variety of equity release companies offering drawdown facilities, letting you leave some of your home equity untapped to use in later years to help fund your retirement years more comfortably.
As with all financing options when your home is involved, expert advice is a crucial component. With equity release/lifetime mortgages, it’s not only advised – it’s mandatory.
The team at 1st UK will explain how things work, other ways you can borrow, and the most affordable, and financially responsible method of borrowing that’s right for your situation.
Please note that the more2life logo is a trademark of More To Life Limited, to which we have no direct affiliation. The equity release firms we work with provide quotes from many providers.
Speak With Our Consultants And Arrange A Free Quote. Specialist Equity Release Solutions For Any Individual Need.
1st UK have formed strong relationships with finance providers, meaning we are often the first to hear about new products before they reach the market.
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