Lifetime Mortgage Further Advance
Could you release more money from your lifetime mortgage?
If the value of your home is sufficient, and meets our current lending criteria, 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.
To understand more about taking a Further Advance, read the information below.
Ready to enquire about a Further Advance?
You can check if you’re eligible for a Further Advance by completing our online enquiry form.
The simplest way to check if you’re eligible for a Further Advance is to complete our online enquiry form. This will take about 5 minutes if you have all the information you need.
When you’ve submitted your enquiry we’ll email you with the maximum amount you may be eligible for. If we need further details, we’ll call you to discuss your enquiry.
When you apply for a Further Advance, these are the steps you follow.
You must speak to a Financial Adviser to apply for a Further Advance. You can use the Financial Adviser you had when you first took out your lifetime mortgage. Or, you can find a Financial Adviser on the Equity Release Council website.
Your adviser can check that you’re eligible for a Further Advance and help you consider all your options.
Your adviser will provide us with the information we need. We'll send them a Key Facts Illustration. This gives full details of the amount you can borrow, the costs and implications and next steps. They will share this with you and discuss if it is the right choice for you.
If there is anything you do not understand, ask your adviser to explain before you decide to apply.
Your adviser will then complete and send us your Further Advance application form. We’ll contact you to make a non-refundable payment for the cost of a new valuation. The payment can be by debit or credit card. Our independent surveyors will arrange to visit your home to carry out the valuation.
We’ll process your application based on the valuation. If this is acceptable we’ll send you an Offer of Loan. We’ll send a copy to your adviser for information.
Please check all the details and if you have any questions you should discuss them with your adviser. When you’re happy to proceed, sign the acceptance form and return it to us. If this is a joint account you’ll both need to sign.
You’ll have the option to sign online via a secure platform. Additional guidance and support for this is on How do I sign a DocuSign.
On receipt of your signed acceptance form we’ll send you a confirmation letter and pay the Further Advance into your bank account. This could take 3-5 working days. We’ll send copies of the documents to your adviser for information.
Common Further Advance questions
Yes, 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.
Yes, if you have an Interest 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.
Yes, if 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.
Yes, if we have your attorney registered with us, they can complete the online enquiry form. If we don’t have your attorney registered with us, please call 03330 048 444. Monday to Friday, 8.30am to 5.30pm. We may record and monitor calls. Visit Power of Attorney and lifetime mortgages for further information.
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.