What does the more2life lifetime mortgage offer?
The new Maxi Zero ERC plan from more2life allows borrowers to access the value of their home while still living in it, like other lifetime mortgages. However, the standout feature is the absence of ERCs, which means that customers can repay the loan early without facing additional costs.
It has been developed to offer clients “maximum flexibility” during their later years. Built on more2life’s existing Maxi Super 1, 2, and 3 lifetime mortgage products, Maxi Zero ERC is aimed at clients with an immediate financial need who expect their situation may change during the time when ERCs would normally be applied.
If a homeowner’s circumstances do change – such as a financial windfall or deciding to downsize – they can repay the loan early without worrying about charges eating into their equity.
Other plan features include:
- Age range – Available to homeowners aged 55–89
- Loan amount – £15,000 – £700,000
- Minimum property value – £120,000 (£150,000 for ex-public sector houses and bungalows)
- Maximum property value – No maximum
The plan also allows voluntary ad hoc partial repayments, with a minimum limit of £50 per repayment.