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.

Drawdown facility

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.

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:

  1. 1

    You can use our online  Request a drawdown form  and a Customer Services representative will review your request and give you a call back, this should make the call quicker. Alternatively you can call us on 03330 048444, lines are open Monday to Friday 8.30am to 5:30pm.

    Call charges will vary. We may record and monitor calls.

  2. 2

    We'll let you know the current interest rate, the amount available to withdraw and ask you a few questions to help us process your request.

  3. 3

    If you agree to the drawdown, and you would like to proceed, we'll send you the relevant documents which will include the interest rate that we'll charge and the Early Repayment Charge terms that apply to this drawdown.

  4. 4

    When you receive the documentation it's important you read the information before signing and sending it back to us.

  5. 5

    Once we receive the relevant documentation back and we're satisfied with it, the money is transferred to your bank.

  6. Please remember, availability of the Drawdown Facility is not guaranteed. When you apply for additional borrowing, if any of the circumstances listed below apply, we may withdraw your Drawdown Facility. We will tell you if the Drawdown Facility is withdrawn.

    • The total amount you've borrowed, including the cash sum, all additional borrowing, drawdowns, plus any charges due to us (but not including the interest due to us) exceeds the amount that we would lend to a new borrower (of equivalent age) in comparable circumstances. A further valuation of the property may be required. We'll exclude any Protected Percentage you may have from the valuation of the property.

    • An Event of Default has occurred, for example you become bankrupt, as described in section 7 of your personalised Key Facts Illustration and Offer of Loan.

    • We no longer offer the new lifetime mortgages with drawdown facilities.

    • We no longer hold any regulatory authorisation required to provide drawdown facilities.

    • You are joint borrowers and own the property as tenants in common, and either one of you has died.

    • We require you to take further financial and/or independent legal advice before you take the additional borrowing and either this advice has not been received, or you were advised against it.

    • Another charge has been registered on the property.

    • We have reason to believe the transaction is contrary to a law, regulation or code which applies to us.

Further advances

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.

How to apply for a further advance:

  1. 1

    Call our dedicated customer services team on 03330 048444 to enquire about a further advance. You'll be asked for an estimate of your property value and how much additional money you wish to borrow.

  2. 2

    We'll tell you if we think you might qualify for a further advance based on the information you give us.

  3. 3

    You'll need to seek advice from a specialist lifetime mortgage adviser, who will provide you with a personalised Key Facts Illustration and help you progress with the application.

  4. 4

    A new property valuation may also be required. When your valuation is complete and the application has been approved we will send you an Offer of Loan.

  5. 5

    When all the necessary paperwork has been received and accepted, we'll be able to release your money.