Fact Checked
- More2Life offers competitive rates and features such as voluntary payments and inheritance protection, promoting flexible repayments and financial freedom.
- The Financial Conduct Authority (FCA) regulates More2Life, which is greatly dependable but has some potential drawbacks like reduced inheritance and effects on state benefits.
- More2Life is noted for its flexibility and competitive rates in customer reviews, which are generally positive but highlight a lengthy application process.
More2Life equity release could offer you a way to access the wealth in your home without having to sell it or move out.
In This Article, You Will Discover:
Whether you need to supplement your retirement income, need a lump sum, or both this could be an option to help you achieve your financial goals in later life.
STATEMENT: BankingTimes is a separate third-party information provider and therefore not related to More 2 Life, and the information replicated in this section represents the interpretations of BankingTimes only and not the opinions of More 2 Life. This piece does not constitute advice, or an incitement to enter any services or products provided by More 2 Life.
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- Who offers the LOWEST rates available on the market.
- Who offers the HIGHEST release amount.
- If you qualify for equity release.
What Are the Reviews Saying About More 2 Life Equity Release?
Reviews about More 2 Life Equity Release consistently highlight the company's professional and supportive service.
Customers frequently commend More 2 Life’s team for their exceptional assistance throughout the equity release process, which is often described as clear, straightforward, and fast.
The company's transparent approach and competitive rates have earned it a strong reputation in the market.
Negative reviews are notably rare, reinforcing More 2 Life's strong customer satisfaction record. Any criticisms generally pertain to administrative hiccups, but it is important to note that these are often quickly resolved.
The majority of reviews praise More 2 Life Equity Release for their commitment to delivering a seamless experience, indicating a high level of trust and satisfaction among clients.
Our expert financial researchers have gathered everything you need to know about More2Life and what it can offer you in terms of later-life lending.
Read on to find out everything you need to know about the provider and whether it is the best option for you?
What is More2Life’s History and Mission?
Founded in 2008 by Dave Harris, who is still the CEO, More2Life specialises in later-life lending and equity release.1
Its mission is to help older homeowners access the wealth in their homes and achieve their financial goals in retirement.
It offers a range of lifetime mortgage products that suit different customer needs and preferences, such as flexible drawdown, voluntary repayments, inheritance protection, and high loan-to-value.
The company was shortlisted for several awards and accolades for its products and services, such as the Best Equity Release Lender, Best Underwriter and Best Supplier of Products in 2022.2
It is also a member of the Equity Release Council and the Finance and Leasing Association, which means it follows high standards of conduct and ethics.
Its vision is to be the leading provider of later-life lending solutions in the UK and beyond.
What are the Different Types of Lifetime Mortgages Offered by More2Life?
The provider offers a variety of lifetime mortgages, each designed to cater to different financial needs and circumstances.
We will break down these options, explaining how each works and whom it best serves.
Flexi Choice
This is a drawdown lifetime mortgage that allows you to take an initial lump sum and access further funds from a cash reserve facility.
There are a range of interest rates, loan-to-values, and cashback options available. Your age, property value and circumstances will determine what you can qualify for.
You can also make voluntary repayments of up to 10% of the initial loan amount each year without any early repayment charges.3
Tailored Choice
This option offers a drawdown facility, a cashback option, and a guaranteed inheritance feature.
You can make voluntary repayments of up to 10% of the initial loan amount each year without any early repayment charges.
Capital Choice
This is an interest-only lifetime mortgage that allows you to pay some or all of the monthly interest on your loan.
You can also switch to a roll-up lifetime mortgage at any time without any early repayment charges.4
Maximum Choice
This is a lump sum lifetime mortgage that offers the highest possible release based on your age and property value.
You can also make voluntary repayments of up to 10% of the initial loan amount each year without any early repayment charges.5
How to Qualify and Apply for More2Life Equity Release
To qualify, you typically need to be over 55, own a property in the UK worth a certain minimum value (varies per plan), and the property should meet More2Life's criteria.
To apply, it is best to contact an equity release advisor who can guide you in finding the best plan for your circumstances.
Once you have determined that a More2Life equity release plan is the best option, you will need to complete an application and undergo a property valuation.
How Much Does More2Life Equity Release Cost?
The cost of More2Life equity release depends on several factors, such as the type of plan you choose, the interest rate, the loan amount, the value of your property, and the fees involved.
Some of the fees you may have to pay include:
- Valuation fees
- Application fees
- Advice fees
- Legal fees
- Completion fees
A professional advisor will be able to break down all of the fees involved with each of the plans you might be interested in.
How to Estimate Your Equity Release with More2Life’s Calculator
You can use the provider’s online calculator to get an estimate of how much equity you can release from your property.
You need to enter some basic information, such as your age, property value, and postcode, and the calculator will show you the maximum loan amount and interest rate for each plan.
You can also adjust the loan amount and see how it affects the interest rate and the remaining equity.
Why not try our free, easy-to-use calculator to get an estimate right now?
What are the Benefits and Drawbacks of More2Life Equity Release?
The benefits of releasing equity include access to tax-free cash, but you may also be affecting your entitlement to means-tested benefits in the process.
Some of the benefits of More2Life are:
- Its plans have received accreditation from the Equity Release Council (ERC).
- The company provides a suite of digital tools, including calculators for Inheritance Protection, Loan-to-Value (LTV) ratios, and Partial Payments.
- It offers a diverse array of customisable products to meet specific needs.
- It is known for its high loan-to-value ratios and attractive interest rates.
Some of the drawbacks of More2Life equity release are:
- A professional advisor is required to initiate an application with the provider.
- Its primary focus is on lifetime mortgages.
- Advisors will encourage you to explore alternative financial options before deciding on equity release, as it may not be the best fit for everyone.
- Opting to release equity could potentially affect your eligibility for means-tested benefits, both presently and in the future.
Read On: Why Choose Equity Release?
How Does More2Life Handle Customer Feedback and Complaints?
The provider welcomes feedback and complaints and aims to resolve them as quickly and fairly as possible.
If you have a complaint, you can contact More2Life by phone, email, or post, and they will acknowledge your complaint within five working days. They will then investigate your complaint and provide a final response within eight weeks.
If you are not satisfied with their response, you can refer your complaint to the Financial Ombudsman Service2.
How Did We Gather and Verify the Information on More2Life?
The information was gathered from the company’s official website, financial advisory sources, customer reviews, and regulatory bodies.
Verification involved cross-referencing data from these sources to ensure accuracy and up-to-date information.
FCA Details
More2Life, trading under the name More 2 Life Ltd, is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), primarily focusing on mortgages and home finance.
Its FCA reference number is 459669,6 and it is registered under the company number 5390268.7
The company's registered office is located at Baines House, 4 Midgery Court, Fulwood, Preston, Lancashire, PR2 9ZH.
Those wishing to contact More2Life directly can do so at their phone number: +44 3454 150 150.
Common Questions
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What Are the Customer Reviews for More 2 Life Equity Release?
Conclusion
Since its inception in 2007, More2Life has rapidly risen to prominence in the equity release sector, known for its comprehensive range of award-winning lifetime mortgages.
It stands out for its commitment to safety and reliability, offering products exclusively through qualified advisors.
This approach positions More2Life equity release as a noteworthy contender for those considering lifetime mortgages.
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