More2Life now offers enhanced lifetime mortgages, interest only plans, roll-up lifetime mortgages, and other equity release products. After a brief break from the equity release industry, More2Life came back with competitive products that meet the current Financial Conduct Authority standards. They also meet the Equity Release Council Code of Conduct rules.
More2Life provides an enhanced lifetime mortgage as a lump sum product, which has many of the same qualities as their ill health lifetime mortgage. As an enhanced mortgage, consumers have the option of taking out a maximum amount that is greater than regular lump sum lifetime equity releases.
Criteria of the More2Life Enhanced Lifetime Mortgage
More2Life will assess the health and lifestyle of applicants for their lump sum plan. The assessment is designed to provide a larger or enhanced release. There is no medical examination or monthly repayment required. The loan plus any interest is repaid when the property is sold or when the homeowners die.
The plan is provided through a straightforward application process with instant underwriting. The enhanced plan is available for individuals at least 55 years of age, with no maximum age in place. The youngest homeowner must be 55 years of age or older.
Property value minimum is £60,000 with a maximum loan amount of £1 million based on property value. A minimum of £15,000 is required as the tax free lump sum.
Adhering to the Equity Release Council, More2Life drafted this enhanced lifetime mortgage to include a no negative equity guarantee. The loan cannot increase beyond the home value.
Unique Features of this Impaired Lifetime Mortgage
A cash facility can be added to this enhanced lifetime mortgage for clients. Plan holders can take the money in stages with interest accruing only on the money withdrawn in stages. It also has a Protected Equity Guarantee to protect inheritance for consumers’ beneficiaries.
It is possible to have a leasehold on the home; however, for the home to qualify consumers will need a specific minimum number of years left on that leasehold.
Repayment is due in full at death or when the home is no longer the main resident. There are early repayment fees, which are based on the number of years the loan has been outstanding compared to the investment return More2Life would have received. It is usually a percentage of the repayment amount and linked to government gilts.
More2Life Equity Release Incentives
The More2Life Enhanced Lifetime Mortgage Lump Sum product includes a free valuation. Clients can receive upto £1,000 cash back after the lending process is completed, too based on age.