Lifetime Mortgage Drawdown Application form test

Drawdown application form

All fields are mandatory unless marked as optional.

Account holder(s) details

Are you a Power of Attorney (PoA) acting on behalf of the applicant(s)?
Do you already have an existing Power of Attorney set up with Legal & General Home Finance for this lifetime mortgage?

Further Documents will be required to progress request for a new PoA that we dont already have recorded;

1) The Power of Attorney document (Original or certified copy)
2) Contact number, identification and proof of residency for the Attorney

Documents to be posted to: Legal & General Home Finance, PO Box 17225, Solihull B91 9US

Note: you can find your loan account details on your Offer of Loan document or annual statement

Is there a second borrower on this lifetime mortgage?

Telephone number

We may need to call you to obtain additional information before we can send you your Offer of Loan. If required, our team will aim to call you within two working days of receiving your application. 

When is the most convenient time to call you?

Note: Our opening hours are 8.30am to 5.30pm, Monday to Friday.

Power of Attorney details 

Identification checks 

In order to verify who you are, please select one of the following sets of questions to answer (A or B). You must be able to answer both questions within each section. 

Please select either section A or B to complete

Drawdown request information

The minimum amount you can drawdown is at least £2,000 up to the remaining amount of your Drawdown Facility. 

Purpose of drawdown

In order to help us understand the purpose of the drawdown, please confirm what you’ll be using the drawdown for. It’s important that you include the reason and the amount for each purpose. For example, £5,000 for home improvements and £2,000 for a new car. If you have multiple reasons, then the total amount entered across all purposes must match the amount requested.

Do you have more than three purposes?

Has there been any changes in your circumstances?

Bank details

Note: the bank account must be in the name of the lifetime mortgage account holders. 

Terms and Conditions

The following Terms and Conditions apply to this drawdown application. By selecting the button(s) you're confirming that you're happy to accept these Terms and Conditions:

  • The additional borrowing on this lifetime mortgage will be secured by way of the mortgage on the property.
  • The fixed interest rate on this drawdown will be confirmed once the application has been accepted.
  • It will reduce the amount of your remaining equity in the property and it will also reduce the amount you can leave as an inheritance from the property.
  • Full details including the roll-up of interest and a full illustration will be included in the offer of loan we send to you.

If you have a Flexible Lifetime Mortgage

  • Interest will be added to the amount that you owe and ‘rolled-up’ meaning that the amount you owe will increase over time.

If you have an Optional Payment Lifetime Mortgage

  • If you have/had opted not to make the maximum interest payment or should you stop making interest payments, any remaining interest will be added to the amount that you owe and “rolled up” meaning that the amount that you owe will increase over time.
  • Once we receive your application, we will need to call you to discuss how much interest you would like to pay on your drawdown. You should receive a call from our team within 48 hours.
1st applicant: please confirm you've read and understand the Terms and Conditions.
Power of Attorney: Please confirm you've read and understand the Terms and Conditions.

Declaration

The following declaration applies to this drawdown application. By selecting the button(s) you're confirming that you've read and understood the declaration:

  • There have been no changes in your circumstances since you received advice from your original adviser.
  • You fully understand the implications of this drawdown, as explained to you by your adviser as part of your original mortgage application.
  • You understand that the availability of the Drawdown Facility is not guaranteed and will be considered within the parameters of your current lifetime mortgage and in accordance with the conditions of drawdown as set out in your Offer of Loan and Terms and Conditions.
  • You understand that, if required, we may request a property valuation for which there may be an additional charge.
  • You understand that additional drawdown(s) may affect your personal circumstances and we have recommended you speak to your adviser to fully understand the implications of these drawdowns. In certain cases we may insist you take financial advice. Your financial adviser will confirm the cost of this advice to you. In certain circumstances we may insist you take legal advice. If we require this we will make a contribution towards your legal fees and will advise you if this is a requirement once we have considered your drawdown request.
  • You need to consider the balance remaining in your Drawdown Facility.
  • You authorise us to provide information to your adviser relating to this request and your lifetime mortgage. Should you not wish us to provide such information to your adviser please confirm this to us in writing at: Legal & General Home Finance, PO Box 17225, Solihull B91 9US.
1st account holder: please confirm you've read and understand the declaration.
Power of Attorney: please confirm you've read and understand the declaration.