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Equity release can be a way to help you meet your financial needs in retirement. Whether it's to clear an existing mortgage, a gift for a family member, or maybe to help make some improvements to your home. Learn about how you can use the funds released through equity release below. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
Equity release could help you pay off an existing mortgage. That can free up money for day-to-day life. Any existing mortgage or loan secured on your home must be repaid when you take out a lifetime mortgage.
Equity release can let you gift money to family, without needing to move home. It could help with a deposit, home improvements or clearing debts.
A lifetime mortgage could help you clear existing debts, like credit cards or personal loans, and make your monthly budget easier to manage. It can bring peace of mind, but you should always think carefully before securing a loan against your home to repay existing debt.
If retirement income feels stretched, equity release could help relieve some of those pressures. Used carefully, it can help you feel more comfortable at home.
Equity release could help you fund home improvements or repairs (subject to criteria). It’s a way to invest in the place you love without moving.
All the equity release plans we provide are lifetime mortgages - a loan secured against your home and come with several protections. Click one below to read more.
You can help manage the size of your loan and your total cost of borrowing by making ad-hoc or regular repayments without incurring an early repayment charge (subject to criteria) although this is not required for all of our plans.
We offer plans where you can choose how much you wish to repay and when, subject to criteria. If that doesn’t suit your circumstances, however, with a standard lifetime mortgage there are typically no monthly repayments as the loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care.
All our plans come with the no negative equity guarantee. That means you can never owe more than your home’s value or pass on any equity release related debt to your loved ones.
However, it’s important to remember that a lifetime mortgage may leave you with limited or no property equity remaining, and it’ll reduce your financial options in the future.
With all our plans, you can unlock some of your home’s value without having to downsize. You’ll also always retain full ownership of your property and can stay in it for as long as you choose.
If you want or need to move home after you’ve taken out your lifetime mortgage with us, you may be able to take your plan with you to your new home, this is a process known as porting. That’s provided the property meets our lending criteria at the time. We may ask you to repay part of the amount outstanding on the lifetime mortgage if the maximum loan available on your new property is lower than the outstanding balance of your existing lifetime mortgage.
No matter what happens to interest rates elsewhere, as long as you keep to the agreed terms, your plan’s rate is fixed for life. However, if interest rates reduce, you may be able to remortgage your plan to secure a lower rate. In this instance you may be subject to early repayment charges.
The Equity Release Council is the UK industry body for equity release that works to set high standards for consumers within the equity release market. All of our plans at more2life meet the standards set out by the Equity Release Council.
To take out a lifetime mortgage, you first need to receive advice from a qualified equity release adviser
who’ll look at all your options and tell you if it’s right for you.
If you’re yet to find an equity release adviser, we recommend searching the Equity Release Council's
database of registered equity release adviser members. All Equity Release Council members have agreed
to abide by Equity Release Council rules, guidance and standards, and have signed up to the Council's
Statement of Principles.