Access further funds from your drawdown lifetime mortgage


If you've completed a plan with a drawdown facility and still have funds available, you can choose to access the remaining money. After receiving your initial lump sum, you can withdraw the remainder of your release in smaller withdrawals as and when needed, subject to minimum amounts and criteria.

If you’re considering releasing further funds from your drawdown facility, we recommend that you speak to your equity release adviser to discuss the implications of accessing more funds and whether this is the right option for you. 

Please note that the amount of your cash facility is not guaranteed and the facility may be reduced or withdrawn at any time. If you still have funds available and wish to drawdown some or all of the facility, please follow the instructions below.

How to make a drawdown application

If you wish to make a withdrawal from your drawdown facility, either click the button below or call 03454 150 150 and a member of our customer service team will be in contact to confirm your identity and discuss the drawdown application with you.

Request a drawdown

It’s also worth remembering that if you choose to make a withdrawal, the funds will be subject to the prevailing interest rate at the time, which may be higher than the interest rate applied to your initial borrowing. Any further release of funds will reduce the value of your estate by increasing the amount of interest charged, and may affect your entitlement to means-tested benefits. Your equity release adviser can provide more information on whether this applies to you.
 

I want someone to make the application on my behalf

If you have someone with a Lasting Power of Attorney who can make withdrawals from your drawdown facility on your behalf, we’re happy to assist. However, we’ll need to verify their identity before we begin processing the request.

The person requesting the drawdown on your behalf should email [email protected] and a member of our customer services team will be in contact with them.

If you don't have a drawdown facility, or you've exhausted your drawdown facility, you have the option to apply for a further advance. Please be aware that acceptance for a further advance isn't guaranteed.

Requesting a further advance

You may be eligible for further funds, known as a further advance, if:
  1. You didn’t take the maximum loan available to you
  2. You took the maximum loan available to you, but the value of your home has increased since you took out the loan
If you’re interested in taking out a further advance, you must first receive equity release advice to make sure it’s the right option for you.

Speak with your equity release adviser and they’ll be able to request a further advance on your behalf if they think it’s suitable for your needs.

Your adviser will make you aware of the associated costs in respect of the application for additional secured borrowing. You can also refer to your tariff of charges which came in your offer pack.

It’s also worth noting that the interest rate on your further borrowing may be higher than your initial borrowing, which will affect your total cost of borrowing.

If I am eligible for a further advance, what happens next?

If your adviser considers that a further advance is suitable for your needs, they’ll make a request on your behalf. Our team will establish if you’re eligible for a further advance, as they’re subject to minimum release amounts.


If you’re eligible, your adviser will then help you complete and submit a further advance application form. Once this is completed and submitted, our team will set about processing your request.
 

How will requesting further funds change my total cost of borrowing?

The more you borrow, the more you’ll owe when your plan ends. However, whether you release funds through a drawdown facility or a further advance, it’s important to understand the effect your decision will have on your total cost of borrowing. That also includes the role compound interest plays. As the interest is compounded and added to the outstanding balance, your new interest rate will have a significant impact on how much you’ll owe when your plan ends. Your adviser will discuss this with you.

When you come to release further funds from your property, the loan is subject to the prevailing interest rate at the time, not the interest rate on your current plan, so the interest rate applied to your further advance may be higher than the interest rate applied to your initial borrowing.  

Alongside the benefits of equity release, we also want you to be aware of what’s important to consider before making a decision.

  • •  A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
  • •  Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • •  Equity release may leave you with limited or no property equity remaining
  • •  Equity release will reduce your financial options in the future
  • •  A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply

Still have questions?

If you still have questions, we'll be more than happy to help. Please call 03454 150 150 to speak to our customer support team.

Getting the right advice


To take out a lifetime mortgage, you first need to receive advice from a qualified equity release adviser who’ll look at your options and tell you if it’s right for you. If you’re yet to find an equity release adviser, we recommend searching the Equity Release Council's database of registered equity release adviser members. All Equity Release Council members have agreed to abide by Equity Release Council rules, guidance and standards, and have agreed to the Council's Statement of Principles.