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Lifetime Mortgage Drawdown+

Designed to let you borrow a little now, and more in the future

Important information

From 30th June 2020

We have withdrawn our Flexible Lifetime Mortgage product for new business. We will however be launching our new Lifetime Mortgage Drawdown+ product, so watch this space!

If you already have a Flexible Lifetime Mortgage with us:

  • Access to your cash reserve is still guaranteed under your application Terms & Conditions.
  • You should continue to contact us as normal if you wish to request a withdrawal.
  • If you have exhausted your cash reserve and need access to additional funds, you can still apply for additional borrowing as before.

Why choose Lifetime Mortgage Drawdown+

For flexibility on when you release equity from your home, consider Lifetime Mortgage Drawdown+

With Lifetime Mortgage Drawdown+ you can choose to borrow an initial amount, and at the same time set up a maximum loan amount to draw from in the future.

  • You'll only be paying interest on the amount you actually want to spend.
  • The minimum we will lend to start with is £10,000.
  • The maximum cash reserve we’ll be able to provide is based on the age of the youngest applicant and the maximum percentage of the property’s value. We currently offer seven borrowing levels for you to choose from depending on your age and the maximum cash facility you need.
  • Once agreed the maximum loan is not guaranteed, there are circumstances when the maximum loan may be reduced or removed which will be clearly defined in the Terms and Conditions of your lifetime mortgage.

This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.

Important information

Make sure you consider the following

  • The interest rate for each withdrawal will be the rate we’re offering at the time you make the withdrawal so each one may have a different interest rate. The rate will depend on the level of borrowing you have agreed up front. For example, if you choose the Drawdown+ Max level, the future withdrawals will be on the Drawdown+ Max new business rate. There are no additional charges for taking withdrawals; all the costs have been covered up front.
  • You can then take withdrawals of between £1,500 and £70,000 when you need them, up to the amount of your maximum loan. The only thing we ask is that you don't draw on your maximum loan more than once in any calendar month.
  • Remember, making withdrawals will increase the amount of borrowing secured on your home.
  • You must seek independent legal and equity release advice before applying to increase your maximum loan amount.

Borrowing more in the future

Under the right circumstances, you may be able to borrow more

  • You may be able to apply for additional borrowing if your property value has increased sufficiently to allow you to borrow a further amount, or you have moved to another house that is worth more and meets our lending criteria. There will be an application fee to pay and we will require a property valuation to be carried out. 
  • You may not always be able to release additional money from your home in the future.
  • The availability of additional borrowing and the terms and conditions and Lending Criteria that will apply will depend on our practice that applied at the time.

Make an ENQUIRY 

If you are an existing lifetime mortgage customer with us please call:

Mon to Fri 8:30am-6pm

For TextDirect: First dial 18001

We will record and/or monitor calls for training and audit purposes


To start an equity release enquiry, contact your independent financial adviser, or find one specialising in equity release through the Equity Release Council (ERC).