Are you considering More2Life for equity release?

Did you know that over the last few years, the number of equity release products has nearly tripled?¹

Competition in the equity release market has created more product choices than ever before, meaning finding an equity release deal to suit your specific needs should be more accessible. 

It also means more confusion. 

With so many options to choose from, how do you know which provider to choose?

In this article, we take a closer look at innovators in the lifetime mortgage field, More2Life equity release. 

Our equity release specialists at EveryInvestor have spent countless hours researching More2Life to help you in your equity release search.

Therefore:

NOTE: EveryInvestor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of EveryInvestor only and may not reflect the views or opinions of More2Life. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by More2Life.

Who Is More2Life and Their Role in the UK Equity Release Market?

More2Life is a prominent player in the UK equity release market, and they fit into the equity release market by offering tailored solutions that cater to the financial needs of retirees.

Who Is More2Life in the UK Equity Release Market?

More2Life is considered one of the top equity release providers in the UK equity release market, providing flexible plans to people over 55.

Founded in 2008,² More2Life has won numerous awards³ and developed a reputation for innovation and technology to help customers achieve the retirement they have always dreamed of.

What Is Equity Release in the UK With More2Life?

Equity release in the UK with More2Life enables homeowners over 55 to convert their home equity into liquid funds.

It’s a strategy for accessing your property’s financial value without the need to sell.

This approach defers loan repayment until the property is eventually sold, usually linked to significant life events like the homeowner’s passing or entering long-term care.

An equity release advisor provides guidance and information to individuals seeking to understand the implications of equity release on their finances.

More2Life’s Equity Release Criteria and Application Process

More2Life’s equity release lending criteria and application process involve evaluating age and property value, coupled with a straightforward procedure to ensure a seamless experience for applicants.

What Are More2Life’s Equity Release Lending Criteria?

More2Life’s equity release lending criteria state that you must be at least 55 years old and own a property in the UK valued at a minimum threshold, which varies by product.

The amount you can borrow depends on your age, the property’s value, and the specific plan you choose.

More2Life assesses each application individually, considering your personal circumstances, to offer the most suitable equity release option.

What Is the Application Process for More2Life Equity Release?

The application process for More2Life equity release starts with a consultation with a financial adviser to discuss your needs and eligibility.

Following this, you’ll apply, after which your property will be valued to determine how much you can release.

Upon approval, you’ll receive a formal offer, and the funds will be released to you after all legal work is completed.

How Does Equity Release Work With More2Life?

Equity release with More2Life works by allowing you to borrow a portion of your home’s value, and in return, the loan, along with accumulated interest, is repaid when you pass away or move into long-term care.

Crucially, with More 2 Life’s lifetime mortgages, you retain full home ownership, and there are no required monthly repayments, providing peace of mind for homeowners looking for financial security in their retirement years.

Why Consider More2Life for Your Equity Release Needs?

Consider More2Life for your equity release needs because of their wide range of flexible products, competitive rates, and reputation for excellent customer service in equity release.

Why Should You Consider More2Life for Equity Release?

You should consider More2Life for equity release because it offers flexible lump sum and drawdown options.⁴

Innovators in the lifetime mortgage market currently manage more than £4bln worth of lending and provide the widest choice of products and services to customers across the country. 

What Services Does More2Life Offer?

The services that More2Life offers are:

• Drawdown lifetime mortgages
• Lump sum lifetime mortgages

It has a wide range of equity release products designed to help people over 55 unlock the equity from their property in a way that is best suited to their circumstances.

It has no additional product offerings.

Which Equity Release Products Does More2Life Offer and Who Are They Suitable For?

More2Life offers a variety of equity release products, including lifetime mortgages and home reversion plans, which are suitable for homeowners aged 55 and older seeking to enhance their financial flexibility.

Their products are designed for homeowners aged 55 and over who wish to access the equity tied up in their homes without having to move.

Each product has unique features, making them suitable for different financial goals, whether you’re looking to supplement retirement income, fund home improvements, or help family members financially.

Does More2Life Offer Equity Release?

Yes, More2Life does offer equity release. 

More2Life offers lifetime mortgage products for releasing equity from your house, approved by the Equity Release Council (ERC), to people over 55.⁵

What Are the Various Equity Release Schemes Offered by More2Life?

More2Life offers various equity release schemes, including lump sum and drawdown lifetime mortgages, tailored to meet the diverse financial needs of retirees.

More2Life offers five different types of lifetime mortgages:

• More2Life Flexi Plans
• More2Life Tailored Plans
• More2Life Maximum Choice Plans
• More2Life Capital Plans
• More2Life Prime Plans (temporarily unavailable)
• More2Life Apex Plans

Features and Interest Rates of More2Life Equity Release Schemes

More2Life’s equity release schemes are defined by competitive interest rates and beneficial features such as flexible withdrawal options and the ability to safeguard a portion of the estate for heirs.

What Features Characterise More2Life’s Equity Release Schemes?

The features that characterise More2Life’s equity release schemes include early repayment charge exceptions, fixed early repayment charges, partial repayments from the get-go, and downsizing protection.

A more in-depth look at their plans: ⁶

• Flexi Lifetime Mortgage – It is available to people between 55 to 84 years old. The loan offers range from £10,000 to £1mln, available either as lump sum plans or with a drawdown facility. Different versions of the Flexi vary in the size of the loan-to-values it offers, the interest rate, and the minimum and maximum loan amount. You can tailor it to suit your needs.
• Capital Lifetime Mortgage. This plan provides loans from £10,000 to £1.5mln and is available to people between 55 and 95 years old. There is an option to choose a smaller loan size to match the value of your home with a lower interest rate. You can also make annual 10% capital repayments with no early repayment charges.
• Tailored Lifetime Mortgage. The Tailored Lifetime Mortgage is specifically designed for clients with certain health conditions or lifestyle choices. It comes with increased LTVs, and competitive rates and can be taken as a lump sum or drawdown. It is available to those between 55 and 85.
• Maxi Lifetime Mortgage. This plan features high LTVs and is available on properties valued between £120,000 and £2mln (in England). Lump sum or drawdown options are available to people over 55 years old.  
• Prime Lifetime Mortgage. The Prime Lifetime Mortgage is a lump sum lifetime mortgage. It has very high LTVs, competitive rates, and up to 10% partial repayments. This plan is temporarily unavailable.
• Apex Lifetime Mortgage. This plan is available to clients between 55 and 84, offering market-leading LTVs and the shortest Early Repayment Charge duration on the market.

How Competitive Are More2Life’s Equity Release Interest Rates?

More2Life’s equity release interest rates are highly competitive, often below the industry average, making their financial solutions attractive to homeowners; additionally, their rates are fixed, meaning there will be no surprises later down the line. 

The mortgage interest rate will depend on the amount of loan to value (LTV) you are taking, but is usually between 5.65% to 5.85% (AER)*.

As interest rates fluctuate, equity release mortgages are naturally influenced, which is why it is so important to speak to a professional who can advise you on the best time to apply for equity release.

*While we regularly review our rates, these may have changed since our last update.

What Details Should You Know About More2Life Equity Release Interest Rates?

When considering More2Life interest rates, it’s important to know that they offer competitive rates tailored to individual financial situations, with fixed and variable options designed to suit different retirement planning needs.

These rates vary depending on the amount borrowed, the value of your property, and the specific product chosen.

It’s important to understand that interest compounds over time, increasing the amount you owe unless you make repayments.

Costs Associated With More2Life Equity Release

The costs associated with choosing More2Life for equity release typically include application fees, valuation fees, and legal costs, alongside potential early repayment charges, all of which are crucial to consider when planning for retirement finances.

What Fees Are Associated With More2Life Equity Release?

The costs include a valuation fee, which you need to pay on application, and an arrangement fee which is usually included in the loan itself and paid off along with the mortgage.

There will also be a small fee payable upon the transfer of your funds to your account.

As with a standard mortgage, you will require a solicitor to oversee the legalities of your plan.

The fees associated with their services are paid directly to them.

Additional fees may be applicable in the event of you making changes to your plan or repaying the loan in full before the term ends.

Does More2Life Have an Equity Release Calculator?

Yes, More2Life does have an equity release calculator; in fact, it has a range of equity release calculators to help you select the right mortgage.

Use our free equity release calculator to obtain an approximation of how much equity you could be able to release, then contact our advisors to help you find the best deal.

What Are the Pros and Cons of Choosing More2Life for Equity Release?

The pros and cons of choosing More2Life for equity release include pros that reflect competitive interest rates and a range of plan choices, and cons that show potential high setup costs and the impact on inheritance due to the compounding of interest.

What Are the Benefits of Choosing More2Life for Equity Release?

More2Life’s pros include:

• More2Life plans are approved by the ERC.
• It has various online tools, such as an Inheritance Protection calculator, an LTV calculator, and a Partial Payment calculator.
• Their Fastpath online portal minimises administration time.
• It has a wide range of products you can tailor to suit your requirements.
• It has high LTVs and competitive interest rates.

What Are the Potential Downsides of More2Life Equity Release?

More2Life’s cons include:

• You need first to seek professional advice before you can apply.
• It focuses mainly on lifetime mortgages.
• Equity Release may not be suitable for everyone, which is why your advisor will ask you to consider other options before proceeding.
• Equity Release could impact your entitlement to means-tested benefits now or in the future.

How Can You Access Support and Information on More2Life Equity Release?

You can access support and information on More2Life equity release through their official website, customer service helpline, or by arranging a consultation with one of their approved financial advisers who specialise in equity release planning.

How Was More2Life’s Equity Release Information Reviewed?

More2Life’s equity release is reviewed by us by looking at its track record, the flexibility of the packages it offers, and comparing its rates and fees against those of other providers in the field.

NOTE: This article is an unaffiliated, third-party, independent review of More2Life.

Look at their online reviews below:

What Do Customers Say About More2Life Equity Release?

Customers generally praise More2Life equity release for its variety of flexible options and competitive rates.

See More to Life equity release reviews on UK.TrustPilot.com

What Complaints Are There About More2Life Equity Release?

Complaints about More2Life equity release often focus on issues such as slower-than-expected application processing times, less flexible loan terms than anticipated, and dissatisfaction with the level of customer service received during the application and management process.

If you have a complaint about More2Life’s services, you can contact their Compliance Officer at:

More2Life Limited, Baines House, 4, Midgery Court, Fulwood, Preston, PR2 9ZH.

They will also provide a leaflet detailing the complete More2Life complaints and appeals process on request.

How Does More2Life Handle Customer Service and Support Complaints?

More2Life handles customer service and support complaints by providing multiple channels for feedback, including phone, email, and online forms, aiming to address issues promptly and efficiently.

They have a structured complaints process that ensures every issue is acknowledged promptly, investigated thoroughly, and resolved to the satisfaction of the customer, whenever possible.

Feedback is also used to improve their services and customer experience continuously.

What Are More2Life’s FCA Details Related to Equity Release?

More2Life’s FCA details related to equity release include the Information Commissioner’s Office registration number, which is Z9624016.

What Is the FCA Address for More2Life Equity Release?

The FCA Address for More2Life equity release is Baines House, 4, Midgery Court, Fulwood, Preston, Lancashire, PR2 9ZH.

What Trading Names Does More2Life Use for Its Equity Release Services?

The trading name More2Life uses for its equity release services is more 2 life Ltd.

What Services Are FCA Permitted for More2Life Equity Release?

Services that are FCA-permitted for More2Life equity release include mortgages and home finance.

Who Regulates More2Life Equity Release Services?

The Financial Conduct Authority (FCA) regulates More2Life equity release services.⁵

What Are the Registration Numbers for More2Life’s Equity Release?

The registration numbers for More2Life’s equity release are as follows:

• FCA Ref Number: 459669
• Companies House Number: 5390268

Where Can You Find FCA and Companies House Information on More2Life?

You can find FCA and Companies House Information on More2Life at the following:

• FCA Link: FCA Link
• Companies House Link: Companies House Link

How Can You Contact More2Life for Equity Release Queries?

You can contact More2Life for equity release queries at 03454 150 150.

Frequently Asked Questions About More2Life Equity Release

Final Thoughts on More2Life Equity Release Options

More2Life has a great range of lifetime mortgages available with loads of flexibility.

If you are interested in a More2Life lifetime mortgage products, speak to an equity release advisor or broker who can help you understand exactly what it entails before making any decisions.

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.