Drawdown | more2life

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What is a Drawdown?

If your lifetime mortgage included a drawdown facility (also known as a cash facility or reserve), you received an initial lump sum, with additional funds held in reserve for later use. You can access these extra funds flexibly, subject to minimum amounts and criteria, over time by making a drawdown request.

Please note: Drawdowns are not guaranteed and your drawdown interest rate will be at the prevailing rate at the time the funds are taken and may be higher or lower than the interest rate on your initial borrowing.

Things to consider

We want you to know what to consider before making a decision.

Equity release will reduce the value of your estate. It may also affect your entitlement to means-tested benefits.
A lifetime mortgage is a loan secured against your home. It is subject to compound interest, meaning the amount you owe can grow quickly.
A lifetime mortgage may leave you with limited or no equity in your property. This will reduce your financial options in the future.
If you would like to use your drawdown funds for home improvement works, we will need to check whether this meets our lending criteria, we will need more information including planning permissions, quotes, and photos. You will need to submit the details of your home improvements before submitting your application. Submit here

Ready to get started?

We’re here to make the process smooth and stress-free. If you have any questions or need help at any stage, don’t hesitate to get in touch.

Applying online is the quickest way to get your request to us as it’s stress-free and secure.

A member of the Drawdown team will contact you to confirm your request. more2life will need to speak to both policyholders for joint applications.

Drawdown request form >

Handy tips

Keep an eye out for our call: If you submit your drawdown application online and your email matches our records, we can send your Offer right away – but we'll still need that verbal confirmation before we can complete your drawdown.

Want things to move faster? Use DocuSign to sign your Offer. A member of the team will discuss this with you.

Step-by-step guide

Already made your drawdown application? Here’s everything you need to know about the drawdown process once your application has been submitted.

We will complete the initial checks of your application, which includes checking personal details, your reason for request and that your application meets the prevailing lending criteria. Our solicitor will also undertake their checks.

Once our internal quality checks are complete, we'll issue your drawdown Offer. You'll receive it either by DocuSign (paperless) or by post, depending on your preference.

When you receive your Offer, you're just a few steps away from accessing your funds:

Review – Check all details carefully
Sign – Complete the acceptance form.
Return the signed acceptance form:
- By post – Use the pre-paid, 1st class envelope included in your Offer pack.
- Via DocuSign – Secure and paperless. Here's a step-by-step guide to DocuSign

After we receive your signed acceptance:

We'll carry out a final completion check to make sure everything is in order. If all looks good, we'll release the funds to your bank account typically within 5 working days.

Frequently asked questions (FAQ’s)

What’s the interest rate for my drawdown?
The interest rate is set at the prevailing rate at the time the funds are released and may be higher or lower than your initial loan.

How long will it take?
From start to finish, the process typically takes around 3–4 weeks, depending on the complexity of your case.

How will I know what’s happening?
If we have your most recent email address, you’ll receive email updates at each stage.

What may delay my application?
Some issues that can cause delays:

The Lifetime mortgage is not yet registered with the Land Registry
Legal issues linked to the property (for example charging orders)
Building work has been done without the right approval

Can someone apply for a drawdown on behalf of a policyholder?
Yes, if there is a Lasting Power of Attorney in place for property and financial affairs and the policyholder has lost capacity:

All communication and documentation will be sent to the nominated attorney.
The nominated attorney can apply using the online application form above.

What if I want to use the money for home improvements?
Let us know as early as possible. We may need:

A description of the works
Quotes or estimates
Photos (before and after if possible). Submit property works details here.

Is there a valuation required?
The valuation used for your drawdown is an estimate. It does not typically involve a new property inspection. You may need a re-inspection if you have done structural work or if your initial advance had a retention.