More2Life review

Applicants must be aged 55 and over, with joint applicants both meeting the age threshold. They must own a qualifying home in the United Kingdom and live there permanently as the main residence. A qualified equity release adviser must assess suitability before any application can move forward.

The lender serves homeowners with main residences in the United Kingdom, subject to property criteria and valuation thresholds. Homes in Northern Ireland, the Isle of Man and the Channel Islands fall outside the accepted areas. Occupancy must remain continuous, without long periods where the property stands empty.

Plans follow standards agreed by Equity Release Council members for equity release and later life lending. The arrangement includes a commitment that the debt never exceeds the home value when the plan ends. Family members therefore do not inherit debt linked to the mortgage.

The loan plus rolled up interest is usually repaid when the last applicant dies or moves into long term care. Monthly repayments are not typically required during the life of the plan. Voluntary repayments may be allowed subject to the lender criteria.

Borrowers who move home may carry the plan to a new property that satisfies current lender criteria. Where the available loan on the new home sits below the outstanding balance, part repayment of the difference may be requested. Occupancy rights continue where terms stay met.