More To Life was a project that was started in 2012 in order to introduce equity release to Malaysia’s shores.
Equity release involves schemes that allow an elderly homeowner to release a lump sum of cash from their house amounting to 40-60% of its value, whilst allowing them to continue to reside in it for the rest of their lives. In exchange, their house no longer forms part of their inheritance. In the UK, equity release is a prominent service, with GBP 3bn of equity released in 2017 alone. It is a viable means of retirement funding which allows people to continue to stay in their cherished home and neighbourhood.
The Founders of the business are Soalen Sittampalam (Malaysia) and Jon King (UK). Soalen currently runs the day-to-day operations of the business, whilst Jon provides a great degree of advice on best practices in the UK. Their bios are as follows.
Meet our team
Jon was from 2000 – 2010 the Managing Director of Hodge Lifetime (UK), which was the pioneer of home reversion plans starting in the 1980s. During his tenure, new business increased ten-fold, and the Assets Under Management was £500m (largest in the UK). During that time, Jon was also the Chairman of the trade association Equity Release Council in the UK for 5 years. From 2010 – 2013, Jon was the CEO of the UK company more2life (not related to our company); here he established a new mortgage lender with lending of £100m, which was eventually sold to private equity. In 2014, he became the Chairman of Bower Retirement, which is a specialist equity release distribution company. He currently does not work full-time, and contributes actively to our business by providing advice on the best practices in the UK.
Soalen has 13 years’ experience in eclectic fields, starting in academic research at the Centre for Health Management in Imperial College, followed by corporate finance / private equity (five years at Khazanah and Usaha Tegas), then a brief stint in strategy consulting at a local boutique firm, followed by work in his family hospital and college business, and lastly developing and marketing an e-procurement application in a listed tech company.
He graduated top of class at Imperial College Business School, and also has a BA (Hons) Fin, Acc & Mgmt (Nottingham).
He has been working on this project since October 2012.