Access further funds from your drawdown lifetime mortgage

If you chose to release your funds as part of a drawdown facility, you may still have money left to access. 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. 

You may wish to speak with your equity release adviser first before contacting us to see if using your drawdown facility is the right choice for you at this time, or if you’re unsure about your options.

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 withdrawal

When you want to make withdrawals from your drawdown facility, you can simply email [email protected] 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 withdrawal here

To see if any charges may apply to making a withdrawal from your drawdown facility, please refer to your tariff of charges which came in your offer pack.

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 your original interst rate.

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.

Request a withdrawal on behalf of someone else

If you're unsure about your options, please speak with your equity release adviser to see if using your drawdown facility is the right option for you.

If you’ve used all of the funds available to you, you won’t be able to access any more cash unless you apply and are eligible for a further advance.

Requesting a further advance

Once you’ve taken out your loan with us, you have the option of increasing your loan, also known as taking a further advance, if:
  • You didn’t take the maximum loan offered to you
  • 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.

We encourage you to 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.

They’ll tell you if there are any fees associated with setting up your further advance, but you can also check this in your tariff of charges which came in your offer pack.

It’s also worth noting that interest rates may have changed since you took out your initial plan. This will affect your total cost of borrowing.

I’m eligible, what happens next?

Once your adviser agrees that a further advance is suitable for your needs, they’ll make a request on your behalf. Our team will then ensure you’re eligible for more2life a further advance, as they’re subject to minimum release amounts. (What is the lowest?)

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.

When you come to release further funds from your property, the loan is subject to the prevailing interest rate at the time, not your current interest rate.

And as the interest is compounded, or added to the outstanding balance each year, your new interest rate will have a significant impact on how much you’ll owe when your plan ends.

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

1. A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
2. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
3. Equity release may leave you with limited or no property equity remaining
4. Equity release will reduce your financial options in the future
5. 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 signed up to the Council's Statement of Principles.