Borrow More Money

Since nationalisation we have been closed to new Lifetime mortgage business and are unable to offer further loans to existing borrowers except in exceptional circumstances.

What is an exceptional circumstance?
Depending on your individual circumstances, we may be able to offer you a further loan on your existing Lifetime mortgage in order to fund essential structural repairs on your property or to meet the cost of vital alterations.

What are essential repairs?
This is repair work that is required to correct any structural defects that will affect the value of the property and are not covered by your buildings insurance or, if applicable, contents insurance. If you need to find out more, please contact us.

Other options if you want to borrow more money?
If we are unable to provide you with a further loan, you will need to move your Lifetime mortgage to another lender. Other lenders may allow you to borrow a greater amount, or could offer you the opportunity to take a further loan once your initial remortgage has completed. You may also find that you are able to find a better Lifetime mortgage deal that could reduce the rate at which the interest rolls up on your mortgage. This could mean more remaining money to leave to your estate.

No Early Repayment Charges (ERCs)

If you need to move your Lifetime mortgage to another lender to borrow more money, we will not charge any ERC if this would have applied to you. Please contact us for more details or check the Terms and Conditions of your mortgage.

Finding a suitable mortgage with another lender

We recommend you speak to an independent Lifetime mortgage adviser to find a mortgage that meets your needs. If you don't have your own adviser or broker, we can refer you to HUB Financial Solutions, one of the country's leading retirement brokers. They have specialist advisers who would be happy to help you find the right remortgage deal. As an added incentive, they have agreed to waive their usual advice fees for customers that we refer directly. If you wish to be referred you need to call us on 0330 159 2591 so we can refer you directly.

Other ways to search the market

If you would prefer to find your own broker, you can visit the independent Unbiased website, which includes a section about equity release and home reversion. Please be aware that many brokers charge an advice fee for their services.

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