Lifetime mortgage drawdown
Releasing more money from your lifetime mortgage
If you have a drawdown facility available, it’ll be shown on your annual statement. You can release money by applying here. If you have no drawdown facility, you may be able to release money through a Further Advance.
Any additional borrowing will be secured against your home and will be based on the terms available from us at the time you apply.
If you’re using your drawdown for home efficiency improvements you may qualify for up to £200 cashback.
How interest rates affect your mortgage
The interest rate for your drawdown depends on the rates available on the day you apply. This may be higher or lower than your initial loan. We’ll confirm the interest rate in your Offer of Loan.
If you didn’t choose to pay Monthly Interest Payments on your lifetime mortgage or have stopped making Monthly Interest Payments, the interest will be added to your lifetime mortgage each month and ‘rolled up’. This means that interest is charged on your loan amount plus any interest already added. This is also known as ‘roll up interest’ or ‘compound interest’. Further information can be found in our roll up interest guide.
Ready to apply for a drawdown?
You can request additional sums of money from your Drawdown Facility by completing our online application form. Please remember, availability of the Drawdown Facility is not guaranteed.
Ready to apply for a drawdown?
If you would like to apply to take a drawdown from your Drawdown Facility and have the required information available, it only takes about ten minutes to complete an online application. Please remember, availability of the Drawdown Facility is not guaranteed.
Common Questions
Your annual statement will detail how much you have left in your Drawdown Facility or for a more current figure you can contact us on 03330 048444. We may record and monitor calls. Or you can email us at: customerservices@landghomefinance.com.
If you’re contacting us by email please remember not to send any personal, financial or banking information because email is not a secure method of communication.
If you need more money and have no remaining Drawdown Facility you may be able to take a Further Advance. This is additional borrowing on top of your existing lifetime mortgage.
Applications for further advances may be considered 12 months after completion of your lifetime mortgage. Any further borrowing must be on the same basis as your existing lifetime mortgage and you will need to speak to your financial adviser. The interest rate may be different depending on interest rates available at the time you request a further advance.
Call our dedicated Customer Services team on 03330 048444 to enquire about a further advance. We may record and monitor calls.
The availability of your Drawdown Facility is not guaranteed. When you apply for a drawdown we review your current circumstances and may refuse the drawdown request or withdraw your Drawdown Facility if your circumstances have changed significantly. For example, if there has been another charge added to your home, a significant fall in house property prices or if an event of default, like bankruptcy or provision of false information has occurred.
Your Terms and Conditions document gives a full list of reasons when we might withdraw your Drawdown Facility. In any event that your Drawdown Facility is removed we will always tell you.
If you have a Power of Attorney (PoA) for Property and Financial affairs, your attorney can apply for a drawdown on your behalf, provided you have given the required consents or have lost mental capacity. The PoA must be registered with us before your attorney applies for a drawdown.
For any new PoA we’ll need to see an original or certified copy of the PoA with proof of identity and residency for the attorney acting on your behalf
Visit Power of Attorney and lifetime mortgages for more information on setting up a Power of Attorney for your lifetime mortgage and what this means for you and your attorney. Or you can send enquiry to us at customerservices@landghomefinance.com. If you’re contacting us by email please remember not to send any personal, financial or banking information because email is not a secure method of communication.
Need help?
Additional support is available If you have any further questions or would like to get some guidance and advice, before making any decisions. It's important you consider alternative options before releasing more money from your home.