More2life have re-entered the enhanced equity release market and with this they have brought a new strand to their enhanced equity release product. more2life offer a unique product and are distinctive in the new market of enhanced equity release. Their enhanced drawdown plan means you have the opportunity to pocket more cash based on your life expectancy, lifestyle and the value of your home.
Using any health problems you may have suffered on the lifestyle questionnaire, more2life will increase the loan amount available to you based on health and lifestyle and if you’re suffering or have suffered any ill-health problems then chances are that you may be able to have an increased loan with more cash in your pocket while still being able to remain in your own home.
How more2life lead in this new market is with their enhanced draw down plan and if you have suffered raised blood pressure, any form of diabetes or cancer, you could be entitled to more money if you enter their enhanced draw down plan. Filling in a detailed history of your medical history on their lifestyle questionnaire will enable more2life to assess whether you qualify for more money from their plan. If you have smoked previously or are still smoking and this has been more than ten cigarettes per day, then you could be eligible for an enhanced equity release from more2life.
The plan is also based on the value of your home alongside your health and lifestyle and all aspects of your lifestyle should be detailed on your questionnaire. More2life, once your mortgage has been underwritten offer one of the biggest lump sum plans on the market and this is down to your lifestyle, health and the value of your home. The plan starts at the age of 55-years old and the range of conditions is vast and varied. If you qualify for the enhanced mortgage, you can then take the mortgage on a lump sum basis.
This money can then be used for whatever purpose you wish. It is a good time to rid yourself of any debts either secured or unsecured to ease up your monthly commitments. With the minimum lump sum being £15,000 you could gift some of this to your children which will be a tax beneficial way of escaping some inheritance tax or you could plan the holiday of a lifetime. The possibilities are endless and you could certainly enjoy your retirement and enjoy the labours of your hard work and still live in your own home.
The enhanced equity release from more2life has a unique drawdown feature and is the only plan that offers this on the market. With an attractive interest rate available starting at 6.78% and a no-fee valuation on your home, more2life are ensuring their unique enhanced lifetime mortgage remains one of the leading providers of such products on the market.
The unique draw-down feature of more2life’s enhanced equity release product is based on your health and lifestyle. The uniqueness of this is that you have the best of both worlds. A larger amount of cash with the added benefit of being able to draw-down the whole amount without having to be concerned about fees or how you will manage any repayments. The minimum release amount is £15,000 and the property value currently stands at a minimum of £70,000 and over. With the attractive no-fee valuation and the largest draw-down plan on the market, more2life’s product will mean that you have more cash in your pocket.
You are able to remain in your own home and the mortgage payment is not due until you die or you move into residential care on a long-term basis because you’re unable to manage your own care in your home.
There is also an extra feature available whereby you can protect a percentage of your home’s value to leave as an inheritance for your loved ones. This will reduce the amount of the lump sum available to you but for those who have family, the enhanced equity release product means you can still have a lump sum yet offer your family some money when you die.
There is also an attractive cashback option of £1000 which is payable on the signing of your loan application once the underwriting has been fully completed. You can plug for this option when your advisor begins to get to know you and details all your current health requirements and once the valuation of your home is complete. Once the underwriting has been successfully completed, you will be able to make the most of the only provider on the market who offers a full lump sum draw-down feature. The reserve you leave in place if you wish not to take the full cash amount can be left and draw-down as and when you wish without further administration fees to be paid.
The more2life enhanced equity release is worked out by using the useful enhanced calculator to work out the sum of the mortgage which can be borrowed and then can decide on how you want to take the cash. By way of the whole amount or by a smaller initial amount and drawing down the cash as and when you need it without running the risk of further administration penalties.
This is a useful way of maximising the enhanced equity release from the value of your home. You use your health and the value of your home to ensure you have enough money to last you for the rest of your life. You might want to consider planning for any long-term care assistance you may need which could enable you to remain in your own home, or you could gift to your children who are stepping onto the mortgage ladder for the first time or a child’s wedding may well have to be paid for. The possibilities are endless; you could even clear any debts that are hanging around as you utilise one of the largest sums of money you have had in your life.