more2life Protected Plan
  • Rate: 5.50%
    APR: 5.80%
    Offers: FREE Valuation + a maximum drawdown facility available after 6 months

More2life offers several lifetime mortgage schemes, but has added a simpler version to their list of products. This protected plan from More2life is their current lowest interest rate product within all of their lifetime mortgages. Not only is the rate low, the plan itself offers some very interesting features that are not found in most lifetime mortgage products.

There are several features to the Protected Plan. First, the loan, along with any accrued interest, is only repaid once the property is sold. Secondly, and perhaps most unique to this plan, there is a safeguard in place to allow the borrower to save a certain percentage of their property value, allowing them to pass on some kind of inheritance to their beneficiaries. There is also a cash reserve available to future withdrawals following the initial loan. So, if more cash is needed in the future, there is the ability to borrow more as needed. Lastly, there are no monthly repayments.

There are some eligibility requirements to borrow through More2life under the Protected Plan. This particular product is geared toward the older customer as the requirement is that all borrowers be at least 70 years old. The borrower must also have a property that is valued to be worth a minimum of £70,000 and the borrower must be release at least £15,000 initially. The product is currently available in mainland Scotland, England, and Wales.

The Protected Plan is incredibly unique as far as lifetime mortgages are concerned. It is perfect for those borrowers who are concerned with leaving behind some kind of inheritance. If you are looking at leaving something behind to your beneficiaries, this may be the perfect lifetime mortgage for you. There is a guarantee of protected equity that comes with this particular product. This protected equity guarantee essentially means that you can protect a predetermined percentage of your property value separate from the lifetime mortgage. So, by using this product and benefiting from the guarantee, you are able to pass on that fixed percentage of the property value to your beneficiaries as a form of inheritance. You are able to still capitalize on the benefits of a lifetime mortgage without forfeiting all ability to leave something behind to loved ones.

This particular product by More2life is currently backed by Partnership Assurance, a leader in annuities. Because of this partnership, the interest rate on this Protected Plan remains low at just 6.17%.