More 2 Life Equity Release
Looking to raise tax free cash without moving home?
Compare Equity Release Quotes From UK Providers
How your figure is calculated?
The primary factors used to determine the amount of cash you can raise with equity release are:
- Property value – A higher value property will result in a higher equity release calculation
- Age of youngest applicant – If you are applying as a couple the amount of equity you can release will be calculated based on the youngest applicant
- FREE initial consultation for UK Homeowners aged 55 plus
- Full assessment of your circumstances on whether Equity Release is right for you.
- Specialist advice for homeowners on equity release scheme options.
- High level of personal service.
Things to consider
Key Advice, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.
You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.
More 2 Life Equity Release
If you are homeowner aged over 55 you might have been looking into how you can access equity from your home without having to move by using an equity release plan. More 2 Life is a lender who offers different types of equity release plan known as ‘Lifetime Mortgages’.
We offer a service which puts you in touch with an equity release specialist who will offer you friendly and helpful advice and can give you no obligation equity release quotes.
How lifetime mortgages work
With a lifetime mortgage you don’t have to sell your home to release some of its value. Instead a lender like More 2 Life will loan you a percentage of your home’s market value. This loan is secured against your home like other types of mortgages but instead of you making monthly repayments on the loan you agree that the amount will be repaid in full, along with any accumulated interest on it, through the sale of your home when you either die or move into a care home.
As it is a loan this means that you will maintain ownership of your property and you can usually move to a different one as loan as the lender approves its suitability. Any money left over after the loan has been repaid can be passed on to your beneficiaries.
How much can be borrowed through a lifetime mortgage?
Most lenders will generally let you borrow up to 56% of your home’s market value, subject to a professional valuation of it. However when calculating the specific amount you can borrow and the interest rates of your loan most lenders will take into consideration other factors such as;
- Whether it is a joint or single plan
- Your age
- Whether you would like to protect a percentage of the property value as an inheritance
Different kinds of lifetime mortgage
There are three different kinds of lifetime mortgage you can consider:
- Roll up – this kind of mortgage is repaid in full with any interest on it through the sale of your home. You should bear in mind as this plan features compound interest, the amount owed to the lender through the sale of your home can increase quite quickly.
- Interest only – This option gives you the flexibility to make monthly repayments on the interest that gathers on your loan. The original sum borrowed is still repaid through the sale of the property.
- Fixed rate – This plan type does not incur any interest rates. Instead when you are applying for it you agree with the lender on the amount they will get in return through the eventual sale of your home.
When looking at lifetime mortgages you may also want to consider a home reversion plan. Home reversion is different from a lifetime mortgage; instead of taking a loan secured against your home’s value you sell your home to a reversion company for less than its market value. In return the reversion company will pay you a lump sum or give you regular ‘income’ payments, they will also guarantee you the right to continue living in your home, and they will not sell it until you die or move into a care home.
Some reversion plans will charge you a monthly rent however at a reduced rate; others will let you stay in your home for free.
When looking into equity release you should consider if there are other ways you can generate funds; you could downsize or move to a more affordable area, you could also consider taking in a lodger. It may also be worth seeing if you are entitled to any benefits you are not currently in receipt of.
Find out more
Equity release is usually a lifetime commitment that will reduce how much you can leave behind to your beneficiaries. When deciding if equity release is suitable for you and your family it is important to consider all of your options due to the range of different products on the market, More 2 Life equity release is just one of many. To find out more about the different types of equity release simply click on the link and fill in the quick form and an equity release specialist will get back to you with free, no obligation quotes and advice.
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