A popular lifetime mortgage provider has just made it easier to access their money and potentially save you cash in the long run. More2Life, a big name in the lifetime mortgage market, has announced changes to their popular Maxi plan that could save you a packet!
What’s Changed?
The main change is that the dreaded “Early Repayment Charge” (ERC) period has been slashed! Previously, if you wanted to repay your loan early, you had to pay a hefty fee for 10 years. But now, with the Maxi plan, that fee is reduced to just seven years!
This means that if you need to sell your home after five years, you can pay back the mortgage in full and avoid paying an early repayment charge! Imagine that – you can move to a smaller home without having to worry about hefty penalties.
Downsizing Made Easy
This change isn’t just about reducing ERCs. More2Life has also introduced a brilliant new feature: downsizing protection. Now, after five years, you can even downsize to a property outside of their usual criteria. This means you can move to a smaller house, even if it’s in a different area or doesn’t quite meet their usual requirements.
Listening to Your Needs
More2Life has explained that these changes came about after listening to what advisers and customers want. They conducted a survey of over 300 financial advisers who work with older clients and found that they wanted more flexibility around ERCs.
More2Life has been busy listening to your needs, and it seems like they’re really committed to making life easier for pensioners like you.
What Does This Mean For You?
- Less upfront cost: If you need to sell your home early, you’ll avoid paying hefty ERC penalties.
- More flexibility: You have more control over your finances and can potentially move to a new home more easily.
- Peace of mind: Knowing you won’t be hit with unexpected charges gives you peace of mind and financial security.
If you’re thinking about taking out a lifetime mortgage or already have one with More2Life, get in touch with your financial advisor to see if this new plan could benefit you. They’ll be able to explain everything in detail and help you make the right decision for your individual situation.