More2Life - Flexi Choice Drawdown Lite
Roll up Lifetime Mortgage
Rate: 3.63%
APR: 3.76%
Incentive Deal:
Offers: FREE Valuation Offer | No Application Fee Option* | 10%pa Voluntary Partial Payments | Fixed Early Repayment Charges | Downsizing Protection | Guaranteed Inheritance Protection

More2life have consolidated their position in the equity release market by designing retirement solutions that aim meet a wide range of customer needs. Being a retirement lending specialist, More2Life offer a flexible approach to mortgage lending solutions for the over 55 age group.

More2Life has joined forces with a leading UK insurer to bring funding and new products into the equity release marketplace. The products are competitive within the marketplace and promote additional choice for homeowners.

The More2Life Flexi Choice Drawdown Lite is a lifetime mortgage product that is ideal for the homeowner who wants to have some control over their lifetime mortgage balance, as it permits voluntary payments up to 10% with no penalty.

This product is one of three currently offered in this portfolio. The other two are the Standard version and the Super Lite version. The differences between all three products lies solely in the loan-to-values and subsequently in the interest rate. The homeowner will likely choose from this portfolio based on the loan amount they want to borrow.

The More2Life Flexi Choice Drawdown Lite plan currently offers the lowest interest rate in regards to this drawdown range from More2Life. This means that there are also lower loan-to-values applied. However, this product does offer increased flexibility to homeowners in regards to controlling the outstanding loan debt.

The homeowner receives a lump sum payment with this plan while also maintaining the ability to drawdown more funds in the future if necessary. The homeowner can then choose if they want to make voluntary repayments against the loan. If the homeowner does want to make payments, they are able to pay up to 10% of the initial loan amount each year.

To be eligible for this product, the homeowner must be between the ages of 55 and 84. Available loan amounts range from £10,000 to £460,000. The amount available to each homeowner is individualised and depends on the homeowner’s age and the property value. Once the homeowner is made aware of how much this available to them, they can choose how much they want to borrow.

For a property to be eligible, it must have a minimum valuation of £100,000. It must also be located in mainland Scotland, England, or Wales and be the main residence for the homeowner with a maximum valuation of £1.5m.

The repayment structure with the Drawdown Lite is quite flexible. The homeowner is essentially able to make a partial repayment of up to 10% of their initial loan amount every year. The homeowner is permitted to make up to four payments per year and each of the payments made must be at least £500 each. The homeowner must always maintain a minimum loan balance of £20,000 after each payment is made. A partial repayment on the loan can be made at any time following the first six months after loan completion.

With this product, early repayment charges followed a sliding scale for the first 15 years. For years 1 to 5, the charge is 6%. For years 6 to 10, it is 3% and for years 11-15, it is just 1%. There is no early repayment charge after the first 15 years.

The More2Life Flexible Drawdown Lite, as well as the other drawdown products offered by More2Life, provides a downsizing protection to homeowners. This protection ensures that if the homeowner needs to move to another property, they are able to pay back their loan when they do so, so long as the move and the sale of the original property takes place at least 5 years after the loan completion. If the homeowner does not want to pay their loan back at that time, the lifetime mortgage product can be ported to be used on another property.

A drawdown facility is available with this product. It cannot exceed two times the initial release amount. It is held to the maximum loan amount available to the homeowner.

The More2Life Flexi Choice Drawdown Lite is most suitable for the homeowner who wants to have some freedom in repaying their loan, who has some concern about the impact of interest roll-up and looking for a competitive equity release interest rate.

Call the Compare Equity Release team on 0800 678 5169 for further details, or to request a quote on the More2Life Flexi Choice Drawdown Lite.
These are lifetime mortgages and home reversion plans. To understand their features and risks, ask for a personalised illustration.


  • All schemes are authorised and regulated by the FCA
  • Continued ownership of 100% of your home
  • Interest rates sourced from the whole of the market
  • Continued benefit from future house price increases
  • Special deals with incentives to save you money
  • Free initial advice with no commitment or credit checks

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration. helps you to compare and arrange equity release schemes from the whole of the equity release market:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement L&G Crown