More2Life Flexi Choice Lump Sum Super Lite
Roll up Lifetime Mortgage


Scheme Name: More2Life Flexi Choice Lump Sum Super Lite
Interest Rate: 3.53%
APR: 3.66%


Incentive Deal:

   

Repayment Type

FREE Valuation Offer| No Application Fee Option* | 10%pa Voluntary Partial Payments | Fixed Early Repayment Charges | Downsizing Protection | Guaranteed Inheritance Feature
   

Full details:

More2Life has launched exclusive equity release products via its new funding partner who are a leading UK insurer. We are pleased to announce that Equity Release Supermarket are one of the few privileged brokers to gain access to these competitive products.

The More2Life Flexi Choice Super Lite plan will permit 10%pa voluntary payments with NO penalty. Hence, the plan can be managed on an interest-only basis to suit those looking to protect the balance and their future inheritance.

The More2Life Flexi Choice range are presented in three different versions which are labelled Standard, Lite and Super Lite schemes. The rate illustrated above is the Flexi Super Lite lump sum lifetime mortgage. Where they differ is in the loan-to-values offered at specific ages and the competitive fixed lifetime interest rate More2Life will provide.

The More2Life Flexi Choice Super Lite plan offers the lowest interest rate within this range of Flexi Choice equity release schemes. In obtaining the lowest interest rate, More2Life consequentially provide a lower loan-to-values, all details of which can be found be contacting Equity Release Supermarket directly on 0800 678 5159.

The Flexi Super Lite Plan offered by More2Life is a product that gives greater flexibility to homeowners than most schemes at the lower end of the interest rate table. It is simplistic in nature, in that it provides a one-off capital lump sum that can be used for any purpose.

This product is available for homeowners between the ages of 55 and 84 who want to access a product with a competitively priced interest rate. The homeowner is able to take an initial lump sum and then the freedom to choose if they want to make voluntary repayments, whereby up to 10% of the initial loan, per year without penalty can be repaid.

The amount available for borrowing with this product ranges from £10,000 upto a maximum of £460,000, with the exact amount dependent upon the homeowner’s age and the property value. The homeowner has the freedom to determine how much they’d like to borrow, once they know the amount available to them.

The minimum value of the property must be at least £100,000 and it must be located in England, Wales or Mainland Scotland. It must also be the homeowner’s main residence with a maximum valuation of £1.5m.

This More2Life Flexi Choice Super Lite product is particularly flexible with regards to repayment, as it allows the homeowner to make a partial repayment of up to 10% of the initial loan amount each year. The homeowner can do so by making up to four payments per year, all of which must be at least £500 each. The homeowner can repay the balance down to £0 by using the voluntary payment facility. The rules permit that a partial repayment can only be made after the initial 6 month period has passed, following loan completion.

With the Flexi Lump Sum Super Lite, there is a sliding scale imposed for all early repayment charges for the first 15 years. For years 1 through 5, the early repayment charge is 6%. For years 6 to 10, it is 3% and for years 11 to 15, it is 1%. There is no charge starting at year 16.

The More2Life Flexi Choice Super Lite lifetime mortgage has a downsizing protection feature built into the scheme. This means that if the homeowner has to move to a new property, and the property doesn’t meet More2Life’s property criteria, then the homeowner can repay the loan without incurring an early repayment charge, so long as the move is at least 5 years after the loan completion. The homeowner also has the option to port their mortgage instead of repaying it.

There are no monthly payments required with this product, but rather the full balance of the loan and the interest is repaid once the property is sold.

The More2Life Flexi Choice Super Lite product is ideal for those homeowners who want a low interest rate and likely to only require a single lump sum during their lifetime. This is also a good product for a homeowner who wants to maintain the ability to make some repayments on their loan, should they choose to do so and who is interested in knowing how much it will cost to repay their loan early, if applicable.

Please call the Equity Release Supermarket team on 0800 678 5159 for further details, or request a More2Life Flexi Choice Super Lite quote.