The very nature of a mortgage means that over the years you are paying off your mortgage, you are also building equity. An asset that has real value. In other cases, you’d have to sell that asset to access the equity it has, and that used to be the case with your home, but now you are able to release some of that equity without having to sell or lose your home.
With companies such as More2life, homeowners are now able to access that equity with their lifetime mortgage that allows them to support themselves financially, enjoy their retirement to the full, or deal with any crisis that happens without having to downsize, sell their home or take in a lodger or two. It allows for independence and a feeling of control without burdening you with any more debt.
Equity Release in Scotland is becoming increasingly popular as homeowners understand exactly what’s on offer and More2life play a large part in that change in perception. When you release equity, there are no monthly repayments to make, no added stress or financial pressure added to your monthly costs.
Instead of having repayments, like you would with a traditional loan, the loan and interest build up over the lifetime of the mortgage, and is paid when the property is eventually sold, which will happen when the homeowner(s) wither, go into long term care or pass away.
Why shouldn’t you enjoy the fruits of your labours or stress about your finances when you have all this equity on your home? With theaward winning More2life, they’ll walk you through the process, in an easy to understand and transparent way, so you can see if it’s the right option for you .
Most people considering Equity Release in Scotland worry about the possibility of losing their home at a later date. The most important factor for people in retirement is stability, to be able to enjoy this time of their life without having stress.
It is impossible for you ever to be thrown out of your home. You still own your home, and always will. The equity you release is only to be paid once the homeowners, both if applicable, have passed away or moved into long term care. It can’t be requested any earlier and that is the law on the subject. You could live to be the oldest person on the planet and the mortgage owners wouldn’t be able to touch your home.
It is legally your home, even when you do pass away or move into long-term care. It passes on to your estate, in many cases your solicitor who will sell the home at the full market value, and with the money raised by the sale, pay the outstanding loan from the lifetime mortgage.
When looking for the right mortgage provider for a lifetime mortgage it’s essential to your peace of mind that you choose a company that has extensive experience in this specific kind of mortgage. A company with a good track record, that offers you not just a standard solution but a solution that is personalised to your needs. That’s what More2life offer. They are award winning lifetime mortgage providers, really respected in the industry, who tailor each mortgage to the homeowner.
Forming in 2008, More 2 Life have been at the sharp end of the equity release market in the UK, especially Scotland. Today they are able to boast at being one of the UK’s leading lenders.
What they do different is they look for different solutions that fit different people. They appreciate most homeowners are unique and have unique circumstances. A good example of this was their championing of medical underwriting that allowed medical issues to be more clearly defined. This meant homeowners with medical conditions or lifestyles that shortened their life expectancy were able to release more equity in their home.
This is just one example of their flexibility and approach to lifetime mortgages and is a key factor in the company winning numerous awards that include Best Equity Release/Lifetime Lender awarded by The Financial Reporter, and Best Equity Release Lender from What Mortgage magazine.
They are also well respected for their innovation and their customer service.
As you can imagine, this varies a lot because each homeowner has their own unique set of circumstances. More 2 Life have made it their mission to maximise possible release by being as detailed as possible in their application.
As with most other lifetime mortgages, the interest rate really depends on the interest rate at the time of taking out the mortgage. Generally speaking, they tend to be higher than traditional mortgage interest rates, but they are fixed, which is a major advantage. It means there are no nasty surprises down the line, which is vital when you’re in your retirement.
Unfortunately, there are some fees, but what More 2 Life make an effort to do is be completely transparent. Here are some of the fees you should be expecting:
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You have the Right to Remain in your Home for as long as you choose
You will NEVER owe more than the value of your home due to the "no negative equity" guarantee.
You have the freedom to move to another property without financial penalty (subject to provider criteria)