What if I need more money?
You may have the flexibility of borrowing more money using a Drawdown Facility or applying for a further advance.
Our Lifetime Mortgages offer you a cash sum as the initial loan. If you choose to take less than the maximum amount you're eligible for, you may have the flexibility to borrow more in the future. You may be able to borrow up to the maximum originally agreed. This could be in one cash sum or in a number of smaller amounts as and when you need them.
The difference between the initial cash sum you take and the maximum amount you could take is called your Drawdown Facility. If you have a Drawdown Facility available to you, it will be shown in both your personalised Key Facts Illustration and the Offer of Loan.
How to apply for a drawdown:
If there is no Drawdown Facility available you maybe able to apply for a further advance. This is additional borrowing on top of your existing lifetime mortgage.
Applications for further advances maybe considered 12 months after completion of your lifetime mortgage. Any further borrowing must be on the same basis as your existing lifetime mortgage. The interest rate may be different depending on interest rates available at the time you request a further advance.
You will have to pay fees as you did when you first took out a lifetime mortgage. Our current fees are outlined in the Tariff of Charges. If you haven’t got a copy please ask your adviser for one.