1. RIC
2. Lifetime mortgage drawdown application form
3. Lifetime mortgage drawdown - version B
Step 1 of 4

Your details

* Required

Are you a Power of Attorney (PoA) acting on behalf of the applicant(s)? *

If you have not registered as an attorney for this lifetime mortgage you will need to do so before applying for a drawdown.

You can find more information on our Power of Attorney page.

 

 

You can find your loan account details on your Offer of Loan document or Annual Statement
The first line of address must include the street name.
Is your lifetime mortgage in joint names? *

Change in circumstances

For example, if the property is no longer your main residence, if there is anyone other than the account holder/s living at the property, if you have financial or health difficulties or you have particular communication needs.

L&G follow a strict confidentiality code in relation to any health and medical information that is provided to us and this information is held securely and used solely to service and administer the loan so that we can ensure you receive the support you need.

 

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. 

Power of Attorney details

The first line of your address must include the street name.

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

* Required

Three steps and you're done!

The minimum amount you can drawdown is at least £1,000 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 is important that you include the reason and amount for each purpose and where you have multiple purposes the amount entered across all purposes must match the total amount requested. 

Please add as much information as possible to ensure your application is processed as promptly as possible.

 

Here's a typical example of the information we need:

Daughter - Pay for a wedding
Granddaughter - Deposit on a new property

When gifting funds, there are regulations around inheritance tax. Please ensure you have considered this prior to taking this Drawdown. For more information, please speak to your Financial Advisor.

 

Please can you confirm you're happy to gift the money. *

Here's a typical example of the information we need:

Kitchen - £20,000
Conservatory - £35,000
Carpets - £5,000

Please provide details of each home improvement below.

 

If you have more than three different home improvements. Please select 'Yes' to the 'Do you have any other purposes you wish to use the drawdown for?' question and add in the additional ones.

 

 

Are the home improvements required to maintain your property? *
As part of the home improvements are any adaptations being made to allow ease of access? *
Are you making any structural or material changes to the property? *
Does the work being carried out require planning permission or building regulations? *

Please note: As you require planning permission, you will need to send us a copy of the planning permission prior to funds being released. You will be able to attach this to your digital acceptance form. 

Additionally, as you've also selected building regulations, please send a copy of the building regulations documentation once the work has been completed.


 

Please note: As you've selected planning permission, you will need to send us a copy of the planning permission prior to funds being released. You will be able to attach this through the digital process once we've processed the request. 

 

Please note: As you've selected building regulations, please send a copy of the building regulations documentation once the work has been completed.

 

 

Which of the following types of unsecured debts you're looking to consolidate? *
Have you obtained financial advice? *
Which vehicle are you looking to buy? *
Is your vehicle required for everyday activities? *
What will the funds specifically be used for? *

Please note - The property where your lifetime mortgage is held must be your main residence. For more information please check your Terms and Conditions.

 

Please confirm the property where your lifetime mortgage is held will be your main residence? *
What type of property purchase will it be? *
Have you obtained financial advice? *
Do you have any other purposes you wish to use the drawdown for? *

Here's a typical example of the information we need:

Daughter - Pay for a wedding
Granddaughter - Deposit on a new property

When gifting funds, there are regulations around inheritance tax. Please ensure you have considered this prior to taking this Drawdown. For more information, please speak to your Financial Advisor.

 

Please can you confirm you're happy to gift the money. *

Here's a typical example of the information we need:

Kitchen - £20,000
Conservatory - £35,000
Carpets - £5,000

Please provide details of each home improvement below.

 

Are the home improvements required to maintain your property? *
As part of the home improvements are any adaptations being made to allow ease of access? *
Are you making any structural or material changes to the property? *
Does the work being carried out require planning permission or building regulations? *

Please note: As you require planning permission, you will need to send us a copy of the planning permission prior to funds being released. You will be able to attach this to your digital acceptance form. 

Additionally, as you've also selected building regulations, please send a copy of the building regulations documentation once the work has been completed.

 

Please note: As you've selected planning permission, you will need to send us a copy of the planning permission prior to funds being released. You will be able to attach this through the digital process once we've processed the request. 

 

Please note: As you've selected building regulations, please send a copy of the building regulations documentation once the work has been completed.

 

Which of the following types of unsecured debts you're looking to consolidate? *
Have you obtained financial advice? *
Which vehicle are you looking to buy? *
Is your vehicle required for everyday activities? *
What will the funds specifically be used for? *
Do you have any other purposes you wish to use the drawdown for? *

Here's a typical example of the information we need:

Daughter - Pay for a wedding
Granddaughter - Deposit on a new property

When gifting funds, there are regulations around inheritance tax. Please ensure you have considered this prior to taking this Drawdown. For more information, please speak to your Financial Advisor.

 

Please can you confirm you're happy to gift the money. *

Here's a typical example of the information we need:

Kitchen - £20,000
Conservatory - £35,000
Carpets - £5,000

Please provide details of each home improvement below.

 

Are the home improvements required to maintain your property? *
As part of the home improvements are any adaptations being made to allow ease of access? *
Are you making any structural or material changes to the property? *
Does the work being carried out require planning permission or building regulations? *

Please note: As you've selected planning permission, you will need to send us a copy of the planning permission prior to funds being released. You will be able to attach this through the digital process once we've processed the request. 

 

Please note: As you've selected building regulations, please send a copy of the building regulations documentation once the work has been completed.

 

Please note: As you require planning permission, you will need to send us a copy of the planning permission prior to funds being released. You will be able to attach this to your digital acceptance form. 

Additionally, as you've also selected building regulations, please send a copy of the building regulations documentation once the work has been completed.

 

Which of the following types of unsecured debts you're looking to consolidate? *
Have you obtained financial advice? *
Which vehicle are you looking to buy? *
Is your vehicle required for everyday activities? *
What will the funds specifically be used for? *
Please confirm you're happy to continue with this application and have explored all financial options *

Bank details

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

 

Including the title(s)

Terms and Conditions

* Required

Two more to go!

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 an Interest Roll Up Lifetime Mortgage (Previously 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.
Applicant(s): please confirm you've read the Terms and Conditions. *
Power of Attorney: Please confirm you've read and understand the Terms and Conditions *

Declaration

* Required

Last step and you’re done

The following declaration applies to this drawdown application. By selecting the button(s) you're confirming that you've read 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.
  • The personal information collected from you will be shared with fraud prevention agencies to prevent fraud and money-laundering and to verify your identity. If fraud is detected, you could be refused certain services, finance, or employment. Further details of how your information will be used by us and these fraud prevention agencies, and your data protection rights, can be found on legalandgeneral.com/cifas

How interest rates affect the amount you owe

  • Lifetime mortgage Interest rates have increased significantly recently.
    Each time you borrow, the interest rate will be fixed for life, so this does not affect any of your previous loans.
  • Interest will be added to the amount you owe each month, and ‘rolled-up’ which means interest is charged on the interest and therefore the amount you owe will increase over time.
  • With the increase in interest rates, you should consider whether now is the right time to drawdown from your lifetime mortgage.

If you already make monthly interest payments;

  • Higher interest rates mean the amount of your monthly interest payment will be higher for the life of your lifetime mortgage.
  • You should consider whether you can afford the monthly interest payments before proceeding with the application.
  • If you stop making monthly interest payments, interest will be added to the amount you owe each month, and ‘rolled-up’ which means interest is charged on the interest and therefore the amount you owe will increase over time.

We recommend you explore other forms of borrowing or using other funds and savings before proceeding with this application. If you proceed you will receive an Offer and in Section 8 there will be an illustration of how the interest will roll up on your loan.

 

Applicant(s): please confirm you've read the declaration. *
Power of Attorney: please confirm you've read the declaration. *