How to access your cash reserve facility

If you have a mortgage with us, you may be able to apply for additional borrowing.

We offer two different types of additional borrowing; a ‘cash reserve facility’ and a ‘further advance’. You can find out more about applying for a further advance here. If a cash reserve facility was added to your mortgage at the outset, you can apply to make a withdrawal.

You can make withdrawals as and when you choose to do so, without needing further financial advice.

If you want to find out your cash reserve facility balance, you can contact our Customer Services Team on 0800 068 0212

You can drawdown from your cash reserve facility at any time. To make a withdrawal:

  • Please contact us on 0800 068 0212 and let us know that you would like to make a withdrawal
  • We will ask you for some information, including how much you would like to withdraw and what you intend to use the money you release for
  • We will then send you an Offer and an Offer Acceptance Form. You will need to fill out the form and send it back to us
  • Once we have received your Offer Acceptance Form, we will undertake some legal checks. Completion of the withdrawal will be subject to bankruptcy checks being satisfied and our charge having been fully registered
  • Once our checks have been completed, we will release the funds directly into your bank account.
  • We will endeavour to release the payment as soon as is reasonably possible.
  • Please note, we reserve the right to decline your request, as stated in Sections 7 and 14 of your Offer letter.

A fixed interest rate will be applied to each cash reserve facility withdrawal, based on the prevailing cash reserve facility interest rate on the product at the time when you apply. This interest rate may be higher or lower than the interest rate which is applied to your initial advance. Our current additional borrowing interest rates can be found here

  • The minimum withdrawal amount is £2,000 and the maximum is the total of your facility. If the amount remaining in the cash reserve facility is less than £2,000, you are able to withdraw it, but must do so in full.
  • The amount within the cash reserve facility is fixed at the outset. It does not increase in line with property value, age or repayments.
  • If you currently have a cash reserve facility, you will need to have withdrawn the total amount before you can apply for a further advance.
  • If you have an interest paying mortgage and are still making payments, you can choose to make payments on the additional borrowing.
  • If you have a flexible repayment mortgage, you can make annual payments on the additional borrowing. This will be confirmed to you in your Offer.
  • If a cash reserve facility was not added to your mortgage at the outset, you’re unable to add one at a later date.

Cash reserve facility withdrawals are subject to our Terms & Conditions and lending criteria at the time.

Our Customer Services Team will be able to answer any additional questions you may have about additional borrowing.

You can contact us in the following ways:

  • Call: 0800 068 0212
  • Email:
  • Post: Customers Services Team, Canada Life, 110 Cannon Street, London, EC4N 6EU

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.