Compare More2Life Equity Release Quotes Against The Market

In the ever-expanding equity release market, more2life has established itself as a leading specialist lender known for its innovation and, above all, its extensive range of products. As part of the wider Key Group, more2life operates exclusively through financial advisers, focusing on providing a flexible solution for almost any later-life borrowing need.

Get started below to book a free, no-obligation chat with an equity release adviser who specialises in more2life's products and services.

Who is more2life?

Launched in 2007, more2life is one of the UK's largest lifetime mortgage lenders. They are a "lender-only" brand, meaning they do not provide advice directly to the public. Instead, they focus on creating a wide and innovative suite of products for advisers to offer their clients. As a core part of the Key Group, one of the biggest names in the later-life finance sector, they have significant financial backing and market expertise.

What is more2life Equity Release?

more2life offers a comprehensive range of lifetime mortgages. Their business model is built on providing an exceptional level of choice, with different product "families" designed to meet specific customer needs. This allows advisers to pinpoint a plan that closely matches a client's individual circumstances, health, and property type.

Their main product ranges include:

• Prime: Designed for clients with standard properties who are looking for the most competitive (lowest) interest rates.

• Flexi: Offers a high degree of flexibility, such as the option to make voluntary repayments from day one.

• Tailored: This is an enhanced lifetime mortgage. It uses medical and lifestyle underwriting to (potentially) offer clients a larger loan amount or a better interest rate based on their health.

• Capital: A range of plans with competitive rates and flexible features, including options for 10% voluntary repayments.

• Apex: A product designed for clients who need to borrow the maximum loan-to-value (LTV) possible against their property.

All these plans are available as either a lump sum or with a drawdown facility, where you take an initial sum and leave the rest in a reserve to access later.

Key Features of more2life Equity Release

Given their wide range of products, features can vary, but most more2life plans include:

• No Negative Equity Guarantee: A standard Equity Release Council feature ensuring you will never owe more than the sale price of your home.

• Voluntary Repayments: Most plans allow you to repay up to 10% of the initial loan amount each year without facing an Early Repayment Charge (ERC).

• Downsizing Protection: If you move to a smaller home after a set period (often 3-5 years) and your new property doesn't meet the lending criteria, you can repay the loan in full without an ERC.

• Inheritance Protection: You have the option to ring-fence a percentage of your home's future value as a guaranteed inheritance.

• Enhanced Underwriting: The "Tailored" range is a key feature, as it acknowledges that certain health conditions or lifestyle factors (like smoking) may shorten life expectancy, allowing the lender to offer more generous terms.

more2life Equity Release Interest Rates

Interest rates from more2life are highly competitive but vary significantly across their wide product range. Their "Prime" products will typically have some of the lowest rates on the market, while their "Apex" (high LTV) or "Tailored" plans may have higher rates to reflect the different underwriting.

All rates are fixed for life, giving you complete certainty, but you will need to speak to an independent equity release adviser to find out how their latest deals compare to the rest of the market.

Eligibility Criteria

To be eligible for a more2life lifetime mortgage, you will generally need to:

• Be aged 55 or over.

• Own a property in mainland England, Wales, or Scotland.

• Have a property valued at a minimum of £70,000 to £100,000, depending on the plan and property type.

• Be able to clear any existing mortgage or secured loan on your property, which can be done using the funds you release.

more2life is also known for having flexible lending criteria, often accepting a wider range of property types than some other lenders.

more2life Equity Release Reviews

As more2life is an adviser-facing lender, you will find two types of reviews. Advisers consistently rate them very highly, praising their vast product choice, flexible underwriting, and efficient technology (like their "Fastpath" online portal).

Customer-facing reviews (often on Trustpilot) are also strong, with clients frequently highlighting the speed of the application process and the flexibility of the plans their adviser recommended.

Pros and Cons of more2life Equity Release

Pros:

• Unmatched Product Choice: This is their biggest advantage. They have a product for almost every client profile, including those with health conditions or non-standard properties.

• Enhanced Plans: Their "Tailored" range can be highly beneficial for those with health or lifestyle factors, potentially unlocking more cash.

• Flexible Features: Standard inclusion of 10% voluntary repayments and downsizing protection across most plans.

• Strong Backing: Being part of the Key Group provides a high level of financial stability and trust.

Cons:

• Overwhelming Choice: The sheer number of products can be confusing without a good adviser to navigate them.

• No Direct Access: You cannot go to more2life directly; you must use a financial adviser (which is a legal requirement for all equity release).

• Standard Drawbacks: The plan still has the standard cons of all lifetime mortgages, namely that compounding interest will reduce the inheritance you leave and could impact means-tested benefits.

How to Apply for more2life Equity Release

You cannot apply to more2life directly. You must seek advice from a qualified equity release adviser. The adviser will assess your personal and financial situation, discuss all your options, and then search the whole market (including all of more2life's products) to find the one that best fits your specific needs.

Get started here to set up a free, no-obligation chat with an equity release adviser who specialises in more2life’s product range and can compare it with the rest of the market for you.