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Your guide to more2life equity release

Find out if more2life offers the equity release options you need and if you’re eligible

Introducing more2life equity release

More2life is one of the UK’s leading equity release providers, offering a wide selection of lifetime mortgage products. A lifetime mortgage is the most popular type of equity release: it’s a secured loan that allows you to release tax-free cash from your property without having to sell or move. 

As More2life is just one of many equity release providers, how do you know if their equity release products are right for you? In our guide below, we look at what More2life has to offer – and through our selected equity release advisers you can spread your search across other leading providers. To find the best plan for your circumstances, talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.

Did you know?

Each year over 70,000 UK equity release plans are agreed, according to the Equity Release Council, with the majority being lifetime mortgages – the type of equity release offered by more2life.

What does more2life equity release offer?

More2life offers a range of lifetime mortgage products. With this type of equity release, you take out a secured loan and still own your home, living there for as long as you wish. The loan is normally paid back, along with interest, through the sale of your property when you pass away or move into long-term care. 

In total, More2life has five different lifetime mortgage plans: Flexi, Capital, Tailored, Maximum and Prime. Depending on the plan you take out, you can enjoy a number of flexible features offered by More2life:

Lump sum or drawdown. You have the option of a lump sum lifetime mortgage where you take all of your tax-free cash in one go, or a drawdown lifetime mortgage where an initial release is followed by further cash as and when needed. 

Partial repayments. Making repayments may be attractive if you wish to reduce the amount that needs to be paid back when your plan ends in order to maximise the inheritance you leave. With most More2life equity release plans, you can make repayments of up to 10% of the total cash advance within each 12-month period, without repayment charges. With a Maximum plan, you can repay up to 12% of the initial loan amount within each 12 month period. 

The right to move. As with other providers, with a More2life equity release plan, you’ll still be able to move home should you wish by taking your plan with you (‘porting’) as long as the new property meets the lending criteria. This is known as ‘downsizing protection’.

Fixed early repayment charges. You’ll always know how much it will cost to repay the loan in full early. Fixed early repayment charges may be of interest if you feel that a change in your financial circumstances could allow you to clear your loan before you pass away or move into long-term care.

Early repayment charge exemption. With a joint application, should the first borrower pass away or go into long-term care, the remaining borrower has the option to repay the loan in full within three years without incurring early repayment charges.

Enhanced terms on health or lifestyle. Not all lenders offer an enhanced lifetime mortgage, but More2life do on some plans. With this type of plan, you may be eligible for more tax-free cash if you have a history of some health conditions or make certain lifestyle choices. You don’t need to undergo a medical; just answering a few questions is all that’s needed. 

Inheritance protection. With some plans, you have the option of protecting some of your home’s future value as an inheritance for your loved ones.

How much cash can I unlock with more2life equity release?

The amount of tax-free cash you can access through More2life equity release will differ depending on your individual circumstances. The main factors affecting how much equity you could release from your property include your age and the value of your property.

Maximum release amounts are based on a percentage of your property’s value – known as the LTV (loan-to-value). More2life’s ‘Flexi’ lifetime mortgage offers LTVs of 5% to 44% (the older you are, the more you can borrow), while LTVs on its ‘Apex’ product range from 20.6% to 45.5%. Other products in their range offer different LTV values..  

Lending rates vary across providers, and you may be able to borrow more by looking beyond More2life equity release. We can arrange an appointment with one of our selected advisers for a no-obligation review and search for the best products and rates from leading providers. Call us on 0808 178 3055 or request a call back to find out more.

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Am I eligible for more2life equity release?

With More2life equity release, you must be at least 55 to take out a lifetime mortgage. The upper age limit varies between plan types, from 84 with a Flexi or Prime plan to 95 with a Maximum or Capital plan. You can choose either a single or joint application for any plan.

To qualify for a plan, your property must be your primary residence, because a lifetime mortgage with More2life cannot be secured against a second home. However, other providers will let you release cash with a second home lifetime mortgage or a buy-to-let lifetime mortgage and our selected advisers can help you if this is what you are looking for.

The value of your home will also make a difference as to which plan might suit you. Acceptable minimum property valuations start at £70,000 with a Tailored plan. The minimum property valuation for ex-local authority houses and bungalows is £100,000. There is no maximum property value with More2life. 

Depending on the property type, More2life equity release is available in England, Wales and mainland Scotland on most plans. Properties located in the Scottish Isles, the Isle of Man, Northern Ireland and the Channel Islands will not qualify you for a plan with More2life. 

Each equity release lender has its own lending criteria for a lifetime mortgage. If it looks as though you’re not eligible for More2life equity release, please call us on 0808 178 3055 or request a call back and we will arrange help from one of our selected advisers.

Check your eligibility

Call us on 0808 178 3055 and we’ll arrange a free, no-obligation appointment and lifetime mortgage advice* from a specialist who will confirm whether you are eligible. If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you.

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Already have a lifetime mortgage?
You could switch for a better deal

Now could be a good time to switch to a different lifetime mortgage. You may be able to release more tax-free cash due to being older than when you took out your existing plan. An increase in your property’s value or being in poorer health could also qualify you for further cash. Interest rate changes may also save thousands over the lifetime of your plan.

Why not arrange a free review* to find out if switching works for you?

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What’s missing from the more2life equity release product range?

The main thing missing from the More2life equity release range is an interest-only lifetime mortgage. Several other providers offer this option, which lets you make voluntary monthly interest payments on the loan. If you pay the full interest each month, the amount owed won’t increase, unlike standard lifetime mortgages where interest builds up significantly on a compound basis.

Another feature of the More2life equity release range is that it’s limited to lifetime mortgages. They do not offer home reversion plans, where you sell all or part of your home in exchange for a tax-free cash lump sum or regular income, while still living there rent-free. Home reversion is much less common than a lifetime mortgage, but may be suitable for some people.

At Equity Release Wise, our selected advisers bring you access to interest-only lifetime mortgages and home reversion plans. Please call us on 0808 178 3055 or request a call back to arrange a no-obligation appointment with an adviser.

Is more2life equity release right for me?

As far as the company itself is concerned, since it formed in 2008 More2life has grown to become one of the UK’s largest equity release lenders. It has a respectable rating from customers leaving More2life equity release reviews, with an average score of 4.5 stars on Trustpilot.

More to Life has also won a number of industry awards including:

But no matter how many awards a company has won, it means little if they can’t offer you the best solution for your circumstances. We have looked at the More2life equity release range above, and as you can see, it offers a number of potentially attractive extras and protections, including:

  • Partial repayments
  • The right to move home
  • Inheritance protection
  • Fixed early repayment charges
  • More cash for homeowners with health or lifestyle issues

However, the lack of an interest-only lifetime mortgage may be an issue for you. Also, you may be able to release more cash with another provider – to find out if that’s possible, please contact us and we can arrange a no-obligation appointment and search across leading providers from our selected advisers.

Can I get equity release directly from more2life?

More2life is one of the UK’s largest equity release lenders – but you can’t get their lifetime mortgages directly from them. Instead, they recommend finding an adviser who is a member of the Equity Release Council. 

At Equity Release Wise, our selected advisers are all members of the Equity Release Council, and abide by its rules, guidance and standards. Read our guide ‘How is equity release regulated?’ for more information about how you’re protected as a consumer.

Do I need equity release advice?

In order to decide which provider and product is right for you, we recommend that you speak to a specialist equity release adviser. Equity release is a complicated product and is not for everyone. Also, there may be better ways you can meet your financial needs, so advice to understand all of your options is important. 

In fact, the Financial Conduct Authority (FCA) Handbook is very clear about the need for advice when taking out equity release. We support the FCA’s stance on advice. Equity release is not for everyone, and our selected advisers will help you to make a fully informed decision. Call us on 0808 178 3055 or request a call back and we’ll arrange a no-pressure, no-obligation appointment for you.

Should I use a more2life equity release calculator?

You do of course have the option of using a More2life equity release calculator. But the problem with a calculator from a single provider is that it will only tell you what that provider can offer you. We know from experience of talking to thousands of customers that people considering equity release want to look at what the wider market has to offer. That’s why our selected advisers compare plans from multiple leading providers to find you a suitable product and the best available rates.

Which other companies offer equity release?

More2life is just one of several UK companies offering equity release, so why not compare plans from different providers to get the best deal? Equity Release Wise can arrange this for you, with a search across plans from a number of the leading providers.

Here are just some of the leading equity release providers the search will cover. All of them are of course authorised and regulated by the Financial Conduct Authority and are members of the Equity Release Council.

aviva logo
Legal & General logo
canada life logo
just logo
pure retirement logo
crown equity release logo

Apply for your no-obligation equity release quote

Find out if you qualify for equity release and how much you could borrow. Just click ‘Get started’ or call us on 0808 178 3055 and one of our team will be delighted to help arrange a free consultation and quote*.

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Answering your questions

Still unsure of a few things? We’ve got you covered with answers to some of our most frequently asked questions.

  • Is more2life equity release available in Scotland, Wales, Northern Ireland and England?

      Depending on the property type, More2life equity release is available in England, Wales and mainland Scotland. Properties located in the Scottish Isles, the Isle of Man, Northern Ireland and the Channel Islands do not meet the company’s lending criteria. Our selected advisers will be able to provide information about your eligibility for plans in these regions from other providers.

  • Should I use a more2life equity release calculator?

      Instead of tying yourself down to just one provider with a More2life equity release calculator, why not see what other providers are offering? Our selected advisers can provide information and quotes from a number of leading providers.

  • What are more2life’s equity release rates?

      Interest rates change daily, and our selected equity release advisers have access to rates from leading providers across the UK. By speaking with them, you’ll be able to compare quotes from leading providers to get the best deal.

      And remember: most lifetime mortgages will be arranged on a fixed interest rate, so your plan won’t be affected by rising interest rates should you opt for a fixed-rate plan.

  • What are the potential risks of a lifetime mortgage?

       lifetime mortgage has worked for thousands of over 55s in need of tax-free cash. But it’s important to understand lifetime mortgage pros and cons before deciding if it’s right for you, so here are some potential risks you need to be aware of: 

      • Interest is calculated daily and added to the amount you owe each month. The amount owed therefore increases and reduces any equity left in your home when the plan ends, unless you choose to make interest payments while the plan is running.
      • Taking equity out of your home will mean that the inheritance you leave to loved ones will be reduced.
      • If you give some of the money you release to family as a gift, they may be liable to pay inheritance tax in the future.
      • You may have to pay an early repayment charge if you choose to pay back some of the loan early.

      Borrowing money through a lifetime mortgage may affect your entitlement to means-tested state benefits. During your appointment with one of our selected equity release advisers, they will help you establish whether your benefits could be affected.

Still have questions?

We hope this information has been useful. To find out more or arrange a consultation with an adviser, please call or request a call back and we’ll be happy to help further.

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+ Client testimonials refer to the service provided by our selected equity release advisers. We have changed the clients’ names and certain identifying information to protect their privacy.

Please note that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To fully understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long term care.