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.
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.