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Lifetime Mortgage Further Advance

Could you release more money with your lifetime mortgage?

If the value of your home has increased enough since you took out your lifetime mortgage, you may be eligible for a Further Advance. The simplest way to check is by completing our online enquiry form.

A Further Advance is additional borrowing and a long term financial commitment. If you are eligible for a Further Advance you can only apply through a Financial Adviser. They will outline the benefits, risks and the costs involved, and make the application for you.

Any additional borrowing will be secured against your home and will be based on the terms available from us at the time you apply.

For more information on taking a Further Advance select one of the options below.

  • You must have had your lifetime mortgage for 12 months and taken all the money in your Drawdown Facility if you had one.
  • There must be enough equity in your home to release the amount you want. The amount you can take will be based on an independent surveyor’s valuation of your home. This is not the same as an estate agent valuation and may be lower. It's based on value and suitability for a mortgage rather than for marketing the property.
  • If you have Inheritance Protection you can reduce or remove this when you take a Further Advance to increase the amount available to you. You should consider discussing this with your family or beneficiaries before making a decision.
  • The minimum amount you may be able to take is £5000. The interest rate may differ from your initial loan as it depends on the rate available at the time you apply for a Further Advance.
  • There are costs to consider when applying for a Further Advance. These are in your Tariff of Charges.
  • Your Further Advance will be paid in a single lump sum with no drawdown facility.
  • When deciding on how much to take, you and your adviser should consider your current and future financial needs. You may be able to take more Further Advance’s but you’ll have to follow the same advice and application process.
  • If you want to apply for a Further Advance this can only be done through your Financial Adviser and will usually take 3-4 weeks to complete. In most circumstances you won’t need a solicitor.

Common Further Advance questions

You may be moving to a new home and want to take a Further Advance to cover the costs and fees of moving. If you are transferring your lifetime mortgage to your new home you may be able to apply for a Further Advance. You can do this before, at the same time or after you move.

If you have a Income Roll Up Lifetime Mortgage (was Flexible Lifetime Mortgage). You will be able to make Optional Partial Repayments on the total amount you have borrowed.

If you have an Optional Payment Lifetime Mortgage. You must stop monthly interest payments before Optional Partial Repayments can be made. Any payments you make are Partial Repayments and may incur an Early Repayment Charge.

The Monthly Interest Payments that you make on your initial loan amount will stay the same. You can choose to also make Monthly Interest Payments on your Further Advance when you apply.

You can choose to cancel your existing Monthly Interest Payments at any time. When you stop making these payments you cannot restart again.

If we already have your authority details you can complete the online request form. If we don't already have your authority details, please call our customer service team on 03330 048 444. Monday to Friday, 8.30am to 5.30pm. We may record and monitor calls. 

Need help?

Additional support is available if you have any questions before making a decision. It's important you consider alternative options before releasing more money from your home.

Retirement guidance

Equity Release Council

Legal & General Home Finance Ltd is a member of the Equity Release Council, a trade body setting standards for providers. Take a look at their consumer brochure for more details.

Lifetime Mortgage Drawdown

Our Lifetime Mortgages give you the option to take less than the maximum amount you're eligible for when you take out the initial loan. If you’ve chosen to take less, you may be able to borrow more as and when you need it.

Contact us about Further Advance

Our dedicated customer services team are always happy to help with your questions or to help with your request. 

Call us on:

03330 048444

Monday to Friday 8.30am to 5.30pm.
We may record and monitor calls.