After taking out your lifetime mortgage, you may have the option to take a further advance. This could allow you to access further funds and increase your lifetime mortgage loan, if the following applies:
- You didn’t take the maximum loan amount available to you
- You did take the maximum loan amount; however, your property has increased in value since taking out your lifetime mortgage
Before making a decision, you must first seek qualified equity release advice to ensure it’s right for you. You can do this by speaking with your equity release adviser, who’ll then apply for a further advance on your behalf.
Any fees involved for your further advance will be declared in the tariff of charges document found in your offer pack, of which your adviser will also be aware and will discuss these with you.
If you’re eligible for a further advance and this option is best suited to your circumstances, your adviser will make a request on your behalf and help you complete and submit an application form. After receiving your application form, our team will begin processing your request.
Please note that taking out a further advance will affect your total cost of borrowing, and if interest rates have changed since taking out your lifetime mortgage, any further advance funds will be subject to the prevailling interest rate at that time.