The Interest Choice plan with More2Life is an interest only lifetime mortgage that also offers a drawdown facility. There is an initial lump sum offered with the ability to drawdown more equity in the future.
With the Interest Choice Plan, there are different repayment options available. The homeowner is able to choose how much interest to repay and the amount chosen can be between £25pm all the way up to the full interest amount charged. Paying all the interest has the benefit of maintaining a level balance.
Plans start at age 60 and the minimum withdrawal amount is just £10,000. The interest rate is fixed for life and loan-to-values start at 20%. The minimum property valuation available for the Interest Choice Plan is £70,000 and the product is available in just England & Wales.
The Interest Choice plan provides an option to pay back the full amount of interest charged which would provide a level and consistent balance over the lifetime of the loan. Otherwise, the interest would be rolled-up under this plan – a form of inheritance protection.
*TIP:
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More2life Interest Choice Plan
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