More 2 Life equity release review 2021 | Rates from 2.5% - Finder UK

More 2 Life equity release review 2021

Discover the pros and cons of More 2 Life equity release plans and compare interest rates

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Fact checked
More 2 Life
Table: sorted by the lowest AER.
Data updated regularly
Name Product Product type Maximum LTV Monthly rate Annual rate (AER)
Capital Choice Ultra Lite Lump Sum
Lump sum
9.5%
2.47%
2.5%
Capital Choice Ultra Lite Drawdown
Drawdown
9.5%
2.6%
2.63%
Capital Choice Superlite Drawdown 1
Drawdown
9.5%
2.61%
2.64%
Capital Choice Superlite Lump Sum 1
Lump sum
9.5%
2.61%
2.64%
Capital Choice Superlite Drawdown 2
Drawdown
28.5%
2.62%
2.65%
Capital Choice Superlite Lump Sum 2
Lump sum
28.5%
2.62%
2.65%
Capital Choice Superlite Lump Sum 3
Lump sum
31%
2.63%
2.66%
Capital Choice Superlite Drawdown 3
Drawdown
31%
2.63%
2.66%
Capital Choice Superlite Lump Sum 4
Lump sum
33%
2.71%
2.74%
Capital Choice Superlite Drawdown 4
Drawdown
33%
2.71%
2.74%
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Data updated regularly
Name Product Product type Maximum LTV Monthly rate Annual rate (AER)
Capital Choice Ultra Lite Lump Sum
Lump sum
9.5%
2.47%
2.5%
Capital Choice Ultra Lite Drawdown
Drawdown
9.5%
2.6%
2.63%
Capital Choice Superlite Drawdown 1
Drawdown
9.5%
2.61%
2.64%
Capital Choice Superlite Lump Sum 1
Lump sum
9.5%
2.61%
2.64%
Capital Choice Superlite Drawdown 2
Drawdown
28.5%
2.62%
2.65%
Capital Choice Superlite Lump Sum 2
Lump sum
28.5%
2.62%
2.65%
Capital Choice Superlite Lump Sum 3
Lump sum
31%
2.63%
2.66%
Capital Choice Superlite Drawdown 3
Drawdown
31%
2.63%
2.66%
Capital Choice Superlite Lump Sum 4
Lump sum
33%
2.71%
2.74%
Capital Choice Superlite Drawdown 4
Drawdown
33%
2.71%
2.74%
loading

Compare up to 4 providers

To understand the features and risks of lifetime mortgages, ask for a personalised illustration from a lifetime mortgage company. Check that this type of mortgage is suitable for your needs if you plan to move or sell your home or you want your family to inherit it. If you're not certain, seek independent advice. Your home may be repossessed if you do not keep up repayments on your mortgage.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Since launching in 2008, More 2 Life has quickly grown to become one of the biggest mortgage providers in the UK.

This includes a range of lifetime mortgages for those hoping to release equity from their home.

What equity release products are on offer?

More 2 Life offers five different types of lifetime mortgages. They more or less work the same way, but the amount you can borrow and the eligibility criteria differs slightly with each product.

Below is a summary of the five products.

Flexi

  • Loans from £10,000 to £1 million
  • LTVs from 5% to 46%
  • For applicants aged between 55 and 84
  • Downsize without paying a fee

Capital

  • Loans from £15,000 to £1.5 million
  • LTVs from 8.5% to 55%
  • For applicants aged between 55 and 95
  • Downsize without paying a fee
  • Inheritance protection available

Tailored

  • Loans from £10,000 to £800,000
  • LTVs from 21.5% to 54.5%
  • For applicants aged over 55

Maximum

  • Loans from £10,000 to £750,000
  • LTVs from 22.5% to 55%
  • For applicants aged between 55 and 95
  • Downsize without paying a fee

Prime

  • Loans from £10,000 to £600,000
  • LTVs from 26% to 55%
  • For applicants aged between 55 and 84
  • Downsize without paying a fee
  • Inheritance protection available

How does it work?

With all lifetime mortgage loans, there’s no obligation to make repayments until after you die or move into long-term care.

However, all More 2 Life products allow you to make partial repayments without facing an early repayment charge, provided you meet the terms. Depending on the product, you could pay 12% of the original amount borrowed per year.

The loans are secured against your home, so the amount you’ll be offered will depend on the valuation of the home.

There is no application fee or valuation fee to pay with any products and you have the chance to earn cashback with some of them.

Is More 2 Life equity release safe?

The biggest danger with lifetime mortgages is the speed at which interest amounts.

With a More 2 Life lifetime mortgage, you won’t be made to pay back more than the value of your property. On top of that, you can make early repayments without facing a charge.

With some products, you can choose to add inheritance protection, which will ensure a specific amount of your home’s equity will remain for your heirs. This will reduce the amount of money you’re allowed to borrow.

You’ll also be able to repay the loan in full without facing an early repayment charge if you’re a joint applicant and one homeowner dies or moves into long-term care.

Eligibility criteria

This depends on the product you chose. The key details are written above.

On top of that:

  • You must be a UK or EU resident with an address history covering the past 36 months.
  • You must not have unspent criminal convictions.
  • You must be the owner of a property in England, Wales or Scotland.

How to apply

You can only apply through a financial adviser.

Pros and cons

Pros

  • Plenty of products to choose from.
  • Plenty of opportunities to make early repayments without paying a fee.
  • No valuation fee.
  • Chance to earn cashback.

Cons

  • Interest can compound quickly, meaning your estate can quickly diminish.

Our verdict

There is a huge range of products to choose from. Your financial adviser will help you choose the best product for your needs.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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