More2life are FCA regulated and members of the Equity Release Council. The Enhanced Lifetime Mortgage plan is one product offered by More2life. They also have a roll-up lifetime mortgage option and Interest Only Choice plan.
Details of the Impaired Lifetime Mortgage
Plans now begin at the age of 55 and are offered to individuals in England, mainland Scotland, and Wales. The property must meet certain valuation criteria including a specific base value of £60,000. The minimum equity release amount is £15,000. More2life, like other equity release providers, offer competitive products with competitive fixed interest rates. Their products are subject to change based on consumer demand.
A health and lifestyle questionnaire determines if the “impaired” health parameters apply to the maximum loan amount. Property value and age of the youngest homeowner are also used to determine the fixed interest rate awarded to a consumer.
The base property value and minimum release amount are based on a single applicant. Joint application will always look at the youngest homeowner, their ill-health, and determine the maximum loan amount.
Features of the Ill Health Plan
More2life is co-funded by Partnership Assurance, annuity specialists for the enhanced lifetime mortgage product. This product increases the typical lump sum maximum amount based on impaired health of the homeowner.
The loan is subject to medical underwriting based on the type of ill health such as high blood pressure, angina, heart problems, diabetes, MS, or cancer. Smoking and obesity can help qualify a consumer, too.
The enhanced lifetime mortgage is a drawdown mortgage facility. The plan provides a large sum of cash in a facility to be withdrawn, as the consumer needs it. This plan differs from other impaired lifetime mortgages. Other companies provide a lump sum maximum amount, with little chance to withdraw more funds at a later date.
This plan features a fixed interest rate and “Protected Equity Guarantee”. The guarantee protects a certain percentage of the home value from the mortgage. This fixed percentage can be given to consumer beneficiaries.
Uniquely for an enhanced lifetime mortgage plan, More2life will provide an enhanced drawdown facility. This means More2life will calculate the maximum loan based on health & lifestyle. Where the maximum equity release loan is not taken initially, then the remaining funds are held in their enhanced drawdown facility. This can be taken at any time in the future, subject to a minimum withdrawal of £5,000.
The drawdown facility ensures only withdrawn funds collect interest. The maximum released equity is only charged interest, if the full amount is withdrawn from the account facility.
More information is available from More2life brokers specialising in equity release plans including the More2life Enhanced Lifetime Mortgage with drawdown facility features and fixed interest rates.
More2life Enhanced Incentives Available
Dependent upon the initial release size, More2life will offer cashbacks of upto £1,000.