more2life Enhanced Lifetime Mortgage
  • Rate: 6.25%
    APR: 6.70%
    Offers: Free valuation + £1000 cashback on completion*

More2Life is a lender that offers a variety of different retirement solutions to those consumers who are over age 55. They offer a number of unique lifetime mortgages and equity release schemes to better equip their customers with the ability to release the right amount of equity for their particular needs. The more2life enhanced equity release plan has a lower enhanced threshold for qualification than that of Aviva. Therefore, just being on medication or a smoker alone would enhanced their offering.

The Enhanced Lifetime Mortgage offered by More2Life offers a way for you to release more money from your property than would be allowable with a standard lifetime mortgage. This boost in equity release is as a result of your lifestyle choices and health conditions or ailments. With this plan through More2Life you are likely to receive a larger lump sum payment if you suffer from obesity, high blood pressure, diabetes, or if your lifestyle habits include smoking. The sum of money to be released is in direct correlation with the health conditions in question. So, if you have rather severe ailments, you are likely to receive a large lump sum. If your health conditions are not severe, you will still receive more than you would with a standard lifetime mortgage, but not as much as you would if you had life threatening conditions. The reason this extra money can be released is because these health conditions are likely to shorten your life expectancy.

There are several features that make this Enhanced Lifetime Mortgage unique. First, there is no medical examination required. Your health conditions and lifestyle changes are taken into account without any health exams. Instead, you are asked a series of basic questions about your health and lifestyle in order to determine your eligibility. The loan, in addition to any accrued interest, is repaid when your property is sold. That means that even with the increased equity to be released, you are able to stay in the comfort of your own home until either you pass away or you enter into permanent long term care. There is no requirement that you make any monthly payments and you may even be able to release more funds in the future, depending on your eligibility at that time.

This More2Life Enhanced Lifetime Mortgage is available to those homeowners who are at least 55 years old and live in mainland Scotland, Wales and England. In order to qualify, your home must have a valuation of at least £70,000 but cannot exceed £1,000,000. You must release at least £15,000 in your cash lump sum. This is a perfect option for those who know that they want to release equity from their home but who also suffer from health conditions that may limit their life expectancy. Through the use of this product you may be able to release the maximum amount of equity possible which could make all the difference in times of adversity.