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£70,000£1m+
You must be 55+ to qualify for Equity Release.
  • Independent UK Equity Release comparison service
  • Release up to £500,000 TAX FREE - Equity release is, in a nutshell, a way to unlock the value of your property and turn it into cash which lets you access – or 'release' – the equity (cash) tied up in your home, if you're 55+.
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More2Life Equity Release

Click here and complete the short form above to get a free no-obligation Equity Release comparison. We compare UK Equity Release Providers.

After a lifetime of work and responsibilities, retirement promises a period of rest that should ideally be a relaxed and exciting journey for everyone. In some cases, however, lack of finances could lead to stressful retirements filled with worries of debts and the inability to meet unexpected financial obligations. In later life, most other borrowing options, such as regular loans and credit card debts, may become unsuitable due to the need for monthly repayments that could prove burdensome.

Fortunately, through the equity release option, people aged 55 years and above can access a loan from the value of their property without the need for making any payments. With no monthly payments required, the interest from the loan will be rolled over and collected at the end of the contract period together with the full loan amount. This happens when you either pass away or move into long-term care.

If you feel an equity release is the way forward for you, you can fill in the form above to get a free no-obligation comparison of some of the leading UK equity release providers.

More2Life is such a provider offering Lifetime mortgages to their clients.

More2Life Lifetime Mortgages

More2Life offers eligible homeowners equity releases in the form of lifetime mortgages. A lifetime mortgage gives you the chance to free up some of the value tied to your property without the need to downsize or fully sell. You will be allowed to stay in your home and will not be obligated to make any payments throughout your lifetime.

Eligibility

To qualify for the More2Life equity release products, you should meet the following criteria:

– The youngest member should be between 55 and 88 years old.
– The property should be located in the UK.
– The property should be worth more than £70,000.

The cash amount can either be given in the form of a one-off lump sum or a drawdown lifetime mortgage. This gives you the option of accessing an initial sum, after which you leave some amount as a drawdown facility from which you can access money when needed.

Other features of More2Life Lifetime Mortgages

These extra lifetime mortgage features are available to reduce some of the negative effects of taking an equity release.

Inheritance Protection

With the inheritance protection feature, you can shield a certain portion of your property from the contract to leave it as an inheritance for your loved ones. As long as you do not take the full available loan amount, the remaining percentage will be available to your benefactors after the end of the contract.

Partial Repayment

Partial repayments allow you to pay up to 10% of the loan amount every year without costing you any early repayment charges. Although there is no limit to how much you can pay each year, the minimum allowed amount is £50. Other repayments made outside the allowed period will incur extra repayment charges.

Downsizing Protection

With the downsizing protection, you have the option of moving to a smaller property provided it meets the lending criteria without incurring additional charges. This can be necessary if you have experienced a decline in health or have run into some financial difficulties. To qualify for the downsizing protection, the move should occur after a minimum of five years from the start of the contract.

Exemption Early Repayment Charges

For joint ownership, the remaining partner is allowed to pay the loan amount in full without incurring early repayment charges. This should be done within no more than three years after their death or movement into long-term care.

Due to the sensitive nature of equity release products, More2Life does not offer its services directly to clients. You will, therefore, require a financial advisor to help you understand the product feature. For inquiries, you will be transferred to an approved broker who will act as your handy guide.

Click here and complete the short form above to get a free no-obligation Equity Release comparison. We compare UK Equity Release Providers.