Our Enhanced Lifetime Mortgages Explained

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1 Our Enhanced Lifetime Mortgages Explained

2 Contents Make the very best of life About more 2 life and the enhanced lifetime mortgage plans The plan tailored to your circumstances - What we take into account - How we can help you - An inheritance for your nearest and dearest - A cash facility The plans at a glance & How you can use equity release Making life easier & Helping the family Peace of mind Is it right for you? Our plans - Some other points to consider - Your property Frequently asked questions How will I know which plan I qualify for? - Will I have to undergo a medical examination? - What are the costs involved in setting up one of the enhanced lifetime mortgage plans? - Will I be able to leave an inheritance to my beneficiaries? - What happens if I want to move house in the future? - What are my obligations? - What should I do if I have a complaint? Plan features simple steps to boosting your finances

3 Make the very best of life Are you one of the thousands of homeowners in or approaching retirement with concerns about your current or future finances? After years of juggling work and family life, retirement should be a time to make the most out of life and do all those things we've always longed to. Unfortunately, it's not always easy to find the money to pay for those dreams. Over the years, rising house prices have allowed many people to build up substantial equity in their homes, yet underperforming savings and pensions combined with rising living costs mean that some people struggle to maintain the lifestyle they would like. Transform the money held in your bricks and mortar into a tax-free cash lump sum that you could use to enjoy life. more 2 life enhanced lifetime mortgage plans may be able to offer you more cash, based on your health and lifestyle. You may be at a stage in your life where your health affects your quality of life. Perhaps you need to adapt your home to make it easier to manage, or maybe you're looking to fund particular medical costs? Or you could simply want to make the most of your retirement whilst ensuring an inheritance for your loved ones. This brochure will provide you with an overview of our enhanced lifetime mortgage plans. Your adviser will discuss your options and recommend the most appropriate product for you. 02

4 About more 2 life and the enhanced lifetime mortgage plans more 2 life are equity release specialists. They offer plans to help homeowners unlock tax-free cash from their home to boost their finances and improve their quality of life. All more 2 life plans have been designed to be simple and straightforward, allowing you to generate funds without the need to move to a smaller home. You're free to spend the money you release in any way you choose and you still own your home. The plan tailored to your circumstances We create all our lifetime mortgages with our customers' needs in mind. Whether you want to ensure that your family receive an inheritance or you're looking for the maximum release possible, more 2 life have a plan that could suit you. How we can help you Applying is very straightforward and our health/lifestyle questions are short and simple to answer. This helps us to make the application process as smooth as possible. To offer you the more 2 life enhanced lifetime mortgage plans, we've teamed up with Partnership, a specialist provider of financial products for people living with lifestyle, health and/or medical impairments. An inheritance for your nearest and dearest You may want to ensure that no matter what happens, some of your property will be left to your loved ones. Our Protected Equity Guarantee option allows a specific percentage of your property's value to be safeguarded as an inheritance for those who matter most to you. We take into account your Health Lifestyle Age(s) Gender Property value By doing so your adviser will be able to offer the best possible plan from our range of products, tailored with your needs in mind and enhanced by our unique Protected Equity Guarantee option and/or by an increased cash amount based on your health and lifestyle. We believe your health and lifestyle play just as important a part in finding the right plan for you as your age. A Cash Facility Not only do our plans come with a Protected Equity Guarantee option but also a cash facility option that enables you to approach us directly to draw further funds from your plan six months after your initial lump sum loan. Your adviser will discuss this facility with you upfront and hence you will not need further financial advice should you want to draw funds from your cash facility in the future. Any further funds will be subject to the prevailing criteria at the time of application for further funds. 03

5 The plans at a glance & How you can use equity release The plans at a glance Here are some of the features of our plans Reasons for releasing cash from your home. Some popular uses include: - You can release a tax-free cash lump sum to spend in any way. - There are no monthly repayments to be made. - Your health, age(s) and lifestyle can be taken into account, which could increase the funds available to you. - You may have the option to guarantee an inheritance for your loved ones by taking advantage of the Protected Equity Guarantee. - You always own your own home. - Our 'no negative equity' guarantee means you will never end up owing more than the value of your home. - You can stay in your home for life, but can also move home and take your plan with you.* - You may have the option to release further funds from your plan without further financial advice by arranging a cash facility.** - Funding current or future medical or care needs. - Making improvements to the home or garden, sometimes to make them easier to manage. - Taking holidays, often visiting friends or family abroad. - Clearing an outstanding mortgage to remove monthly payments. - Providing financial assistance to friends or family, to see them enjoy their inheritance now. - Easing the effect of monthly bills and living costs. - Paying for a special celebration, such as a wedding anniversary or important birthday. - Buying a new car. - Making life that little bit easier! - A plan will reduce the overall value of your estate and it could affect your entitlement to some state benefits. Your adviser will be able to give you more details about this. This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration. * Subject to lending criteria ** Subject to prevailing criteria at the time of application for further funds 04

6 Making life easier & Helping the family Here are some examples of how our plans might help you. Making life easier Mrs Perry is aged 62 and lives alone in a 2-bedroom bungalow in Somerset. Last year, Mrs Perry suffered a stroke, resulting in her leaving full-time employment. Over the last year, Mrs Perry has found certain aspects of her home difficult to maintain, so she would like to make a few changes, including a new kitchen, new carpets and some new furniture. She would also like to book a cruise around the Mediterranean for a relaxing holiday. Mrs Perry was fortunate enough to be able to clear her mortgage several years ago, so she decides to make her home work for her by unlocking part of its value through equity release. This will give her the money she needs for the home improvements and holiday. Due to her health condition, she opts for a more 2 life enhanced lifetime mortgage, since this takes her age, property value and health into consideration and guarantees an inheritance for her family. Mrs Perry can release a maximum of 63,800; however, she's worked out that she only actually needs 38,280, which is 60% of the potential release amount. Helping the Family Mr and Mrs Turner, aged 65 and 69 respectively, live in a 4-bedroom detached property in the West Midlands. Their property is worth 250,000, with a small mortgage outstanding. Rather than enjoying a relaxed retirement, the couple are concerned about the financial strain on their pensions. They are looking for a way to clear their mortgage and free up more of their monthly income. Mr and Mrs Turner would also like to find some additional funds to help their family, as they have a daughter who is struggling to get onto the property ladder, due to the lack of a deposit. They decide to look into equity release. Mr and Mrs Turner have been smokers for twenty years. With a more 2 life enhanced lifetime mortgage, the couple can release more money from their home since their health and lifestyle are taken into account. The couple find out that they could release a maximum of 82,500. This is more than enough to settle their current mortgage and contribute to their daughter's deposit for her new home. By taking this smaller amount, she can now protect 40% of her property's value as a guaranteed inheritance for her two sons. This means that the amount to be repaid at the end of the loan will never exceed 60% of her home's value. She will also have a cash facility of 25,520 which she may be able to draw upon six months after her initial lump sum loan completes.* These examples are not actual cases and are for illustrative purposes only. 05 * Subject to prevailing criteria at the time of application for further funds

7 Peace of mind Peace of mind can come from: Knowing that your loved ones are guaranteed an inheritance with our Protected Equity Guarantee option. Releasing cash from your property that you know will be put to good use and will improve your life or the lives of your loved ones. Knowing that you're dealing with a company that abides by recognised codes of practice. We are regulated by the Financial Services Authority (FSA) and are members of the Equity Release Council. What does regulation mean? All more 2 life lifetime mortgages are clear, fair and transparent. We are committed to fair lending, which means: we offer products with competitive rates and review our plans regularly. we'll tell you about your plan's balance and the interest added every year. At more 2 life, we take a responsible approach to lending. All our plans are only available through professional intermediaries, to ensure you obtain advice before making an application. The Equity Release Council is an organisation dedicated entirely to the protection of equity release planholders and the promotion of safe plans. As a member of the Council, more 2 life are pleased to follow their code of practice. All plans provided by members of the Equity Release Council come with a set of guarantees including: The right to stay in your home for life; A no-negative equity guarantee, so you can never owe more than the value of your property; The ability to move house and transfer the lifetime mortgage to the new property (provided the new property meets our criteria); You must receive independent legal advice. You can find out more about the Equity Release Council by visiting 06

8 Is it right for you? Our plans more 2 life enhanced This plan could be for you if you re over the age of 55 and have health problems, you have a particular lifestyle that could reduce your life expectancy, you might want to ensure an inheritance for your nearest and dearest, you would like the option of a cash facility that may allow you to draw further funds. more 2 life protected This is likely to be the plan for you if you re over the age of 70, you don t have any particular health problems, you wish to ensure an inheritance for your loved ones, you would like the option of a cash facility that may allow you to draw further funds. Your adviser will confirm which plan(s) you qualify for once you have provided answers to our simple health and lifestyle questions. Some other points to consider The minimum loan amount is 15, The maximum number of applicants is two. If your property is jointly owned, a joint application must be made. You don't have to be married and can be of the same gender. If you or your partner has a Power of Attorney in place, the attorney may sign the documentation on your behalf. Your age, health, lifestyle, gender and property value will be considered when we assess eligibility for the plans and calculate how much money you will be able to release. Your adviser will ask you some simple questions regarding you health and lifestyle which will form part of your application. The loan is secured on your home. The minimum amount for any cash facility is 5,000. Your property Must be located in England, Wales or mainland Scotland. Must be your main residence. Should be freehold, absolute ownership or leasehold with the following minimum amount of years left on the lease on completion of the loan: - Youngest borrower, Age = 80 years must be left on the lease. - Youngest borrower, Age = 75 years must be left on the lease. - Youngest borrower, Age over 75 = 65 years must be left on the lease. Should be worth 70,000 or more. Should have no outstanding loans secured on it. If there are any outstanding mortgages or loans the money released must be used to repay them. Must have adequate buildings insurance. Anyone living at the property when the application is completed, but not named as a borrower, may have to sign a waiver to any claim on the home. (Spouses who do not jointly own the property cannot sign a waiver. They must be added to the property and be party to the loan.) 07

9 Frequently asked questions How will I know which plan I qualify for? Your adviser will ask you some simple questions regarding your lifestyle and health which will confirm which plan(s) you qualify for. Will I have to undergo a medical examination? No matter what answers you supply in your application you will not, at any time, be asked to undergo a medical examination. Partnership may contact your doctor for a medical report and if you are a smoker, they may ask you to undergo a simple non-invasive test and require you to confirm your consumption and the extent of your smoking habit. The test, which Partnership will arrange and pay for, is carried out by a qualified nurse in your own home. What are the costs involved in setting up one of the enhanced lifetime mortgage plans? Your adviser will explain any fees to you before you apply for a plan and they will be clearly laid out in your personalised illustration. We will also provide you with a tariff of charges which explains the costs. Will I be able to leave an inheritance to my beneficiaries? The amount you can leave to your beneficiaries will be reduced by taking out an equity release plan. However, with our Protected Equity Guarantee option, you can ensure that a share of your property's value is protected from the loan and will therefore be available to be passed to your loved ones as part of your estate. Once the loan and interest is repaid at the end of the plan, the remainder of the property value will be passed to your loved ones. What happens if I want to move house in the future? All our plans are portable, meaning the plan can be transferred to a new home without financial penalty, as long as the new property meets the requirements of our lending criteria. Please refer to the tariff of charges for details of fees that will be applied when moving home. If your new home has a lower value than your existing property, then part of your lifetime mortgage may have to be repaid. What are my obligations? You will be required to live in and keep your property in a good state of repair for the duration of the loan. You are required to inform more 2 life before anyone not party to the loan moves into your property. Your property must be adequately insured for the duration of the loan. Further details of your obligations under the loan can be found in your Lifetime Mortgage Offer document. What should I do if I have a complaint? If you have a complaint about any aspect of our service, please contact our Compliance Officer at more 2 life, PO Box 1168, Harbour House, Portway, Preston, PR2 0GB or call If you subsequently believe that we have not satisfactorily dealt with your complaint, you may be entitled to refer it to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London, E14 9SR (Tel ). A leaflet detailing the full complaints and appeals process is available from more 2 life on request. 08

10 Plan features Interest rates Release amount Property value Loan repayment Protected Equity Guarantee Cash facility Additional funds Early repayment Interest calculated 09 We constantly review our interest rates to make sure our plans are highly competitive. The interest rate is fixed for the entire term of the loan. The amount of cash available depends on your age, health, lifestyle, gender and property value. In a joint application, the maximum amount available will be based on the applicant with the longest life expectancy. Your adviser will be able to provide a personalised illustration with further details. We'll need to find out how much your property is worth, using an independent professional valuer, before we can confirm the amount available. There are no monthly repayments to make on the plan. Instead, the loan plus interest is repaid upon the sale of the property, either on the death of the last surviving partner, or their entry into long-term care. When the loan becomes repayable, the borrower's executors (or whoever acts on the borrower's behalf) will be responsible for the sale of the property. The loan needs to be repaid within six months from moving into long-term care or death. Any remaining value in the property will form part of your estate. Due to our no-negative equity guarantee, there will never be any debt left behind. With our Protected Equity Guarantee option, you can ensure a specific share of your property is retained as an inheritance for your loved ones. The cash facility (if applicable) will be noted on your Key Facts Illustration and offer document. You can approach more 2 life for further funds six months after your initial release. If you have a cash facility, you can apply to us directly for further funds without further financial advice. If you do not have a cash facility on your plan or if you have used all of your cash facility you will need to take further financial advice before releasing additional funds. Any further funds you take will affect any Protected Equity Guarantee you may have. Additional funds will be at the interest rates and lending terms that are available at the time and are not guaranteed. Please also read our tariff of charges which outlines the costs of further borrowing with more 2 life. As the name suggests, a lifetime mortgage is designed to last for your lifetime. It is possible to repay the loan early; however, an early repayment charge may apply if you settle all or part of your loan before the death of the last surviving partner, or entry into residential long-term care. The early repayment charges are based on the change in the interest rates on government borrowing gilts. This is measured using a specific gilt index which will be confirmed on your Key Facts Illustration and offer document. When your loan is offered a Benchmark Rate will be set on your account. The Benchmark Rate will be higher than the Index Rate at the time it is set; this is to cover the set up costs of the mortgage. This means that if the Index Rate stays the same between the date of your offer and the date of early repayment a charge will still be payable. At the time of repayment of the loan the Index Rate will be checked and the amount you pay in early repayment charges will depend on the difference between the Benchmark Rate and the Index rate. If the Index Rate at the time of settling the loan is higher or the same as the Benchmark Rate then there will be no early repayment charge except a 125 redemption fee which covers the costs of administration. If the Index Rate at redemption is lower than the Benchmark Rate the difference is then multiplied by the number of years and months the youngest applicant has until they reach the age of 90 (subject to a minimum of 5 years). The resulting figure is the percentage of the current loan balance you will pay as an early repayment charge subject to a maximum of 25% of the total of all cash advance amounts. Please see your Key Facts Illustration or your Lifetime Mortgage Offer document for some examples of how much your early repayment charges could be. Interest will be calculated daily and applied to the account on each monthly anniversary of the loan's completion, based upon a 365-day year, or 366 days in any leap year. Interest is calculated and adjusted daily on all transactions posted to an account. Interest is Compounded meaning that interest is added based on the outstanding balance of the loan each month (not based on the original loan amount).

11 5 simple steps to boosting your finances Seek advice from your adviser. At more 2 life, we only accept applications from intermediaries/brokers who are suitably qualified to advise on equity release products as we want to make sure you receive full advice on your options before you apply. Consider all your options, read our literature and discuss your plans with your family. We always encourage you to involve your family in your decision, as your plan will reduce the value of your estate. Apply for your plan. We've designed the application process to be clear and straightforward for you. The great benefit of our plan is that you don't have to attend a medical. Partnership may obtain a medical report from your doctor, and they'll even pay for it too! We want to make the process as hassle-free as possible for you. We'll issue an offer to you and then begin the legal process with your solicitor to complete the necessary paperwork. Your plan completes and the funds are released to your solicitor. You're now free to enjoy life with the money you've released from your home. 10

12 more 2 life limited PO Box 1168 PRESTON PR2 0GB Tel: Fax: Web: more 2 life limited is authorised and regulated by the Financial Services Authority. MLL051.2 (07/12)

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