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Everything you need to know to manage your mortgage with us.

Cash reserve facility

If you have a cash reserve facility in place, you can access the money when you need it. 

You won’t need to take financial advice each time you want to withdraw money from your reserve and you’ll only pay interest on the cash once you’ve withdrawn it.

Making a withdrawal

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

  1. Contact our customer services team on 0800 068 0212 
  2. Let us know how much you want to withdraw and what you’ll use the money for
  3. We’ll send you an offer and an offer acceptance form
  4. Once you’re happy, complete the form and send it back to us
  5. We’ll undertake some checks and make sure your application meets our lending criteria
  6. Once our checks have been completed, we’ll pay the money directly into your bank account

Important information

  • We apply a fixed interest rate to each cash reserve facility withdrawal, based on the rate at the time you apply. This may be higher or lower than the interest rate we applied to your initial advance
  • The minimum withdrawal amount is £2,000 and the maximum is the total of your cash reserve
  • If the remaining amount is less than £2,000, you’ll need to withdraw the amount in full
  • Your cash reserve amount is fixed at the outset and won’t increase in line with the property value, your age or repayments

Find out more

Get in touch with our customer services team to find out more about additional borrowing, or to find out the remaining balance of your existing cash reserve facility.

Call us on 0800 068 0212

Further advance

If you want to borrow more money, you can apply for a further advance. You can do this any point, as long as your application meets our lending criteria and there’s still enough equity in your property.

Do I qualify?

In order to apply, you’ll need to:

  • Take additional financial advice
  • Borrow a minimum of £4,000
  • Let us know what you’re using the money for

How do I apply?

  1. Seek advice from your financial adviser. You can find an adviser at the Equity Release Council if you don’t have one
  2. Your financial adviser will contact us to start the application process
  3. We’ll send them an application form and they’ll help you complete it
  4. If your application is successful, we’ll pay the money directly to you

If you take a further advance, the value of your property might need to be reassessed and you may have to pay additional fees, including fees for financial advice. Your financial adviser can provide more details.

View our charges.

Interest rates

We apply a fixed interest rate to each further advance. This is based on the further advance interest rate for your product, at the time you apply. This rate may be higher or lower than the interest rate applied to your initial advance.

View our additional borrowing rates.

Change in circumstances

We know that life doesn’t always go to plan. It’s important to let us know if there are any changes to your personal circumstances, as this could affect your mortgage with us.

These changes include:

  • Planning to move house or downsize
  • Moving into long-term care
  • Wanting someone to move in with you
  • Adding someone to the title deeds
  • A death or bereavement
  • Getting a divorce
  • Having a disability or needing extra support

Making a payment

Some of our mortgages allow you to make repayments without any early repayment charges.

There are two types of payments - voluntary payments and monthly payments. You can make voluntary payments with our Capital Select Options, and monthly payments with our Interest Select Options.

Voluntary payments

How frequently can I make voluntary payments?

You can make as many payments as you like, from as little as £50 each year. You can start making payments as soon as your mortgage completes and there are no restrictions on making payments for any additional borrowing.

How much can I repay each year?

The maximum you can repay each year without any charges is known as your annual allowance. It’s normally a percentage of your initial loan amount. It starts on the day your mortgage completes and ends a year later on the day before your completion date.

Can I transfer my annual allowance to the following year?

If you don’t use your full allowance, it won’t roll over into the following year. Your annual allowance expires on the date stated in section 4 of your offer letter. There’s no penalty for not using the full amount. 

How can I make a payment?

Most of our customers set up a standing order, but you can also choose to make a payment by debit card or BACs transfer. Please get in touch with our customer service team to find out more. 

Monthly payments

How much are the monthly payments?

You chose a monthly payment amount and payment term when you set up your lifetime mortgage. 

How do I make payments?

We’ve set up a direct debit to collect your interest payments every month. We take these payments on the first working day of the month. If you take any additional borrowing, we’ll set up a new direct debit.

What happens if I miss a payment?

If we’re unable to take the money from your account on the first working day of the month, we’ll try again seven days later. We’ll also let you know in writing if one your payments is unsuccessful.

If you have three outstanding payments, we’ll stop your ongoing interest payments and convert your lifetime mortgage to an interest roll-up mortgage. We’ll always let you know in writing before we do this. You won’t be able to restart your payments if this happens.

You can find out more information about this in section 7 of your offer letter, or by speaking to your financial adviser.

I’ve missed a payment. Can I pay it now?

Yes, if you’ve missed one or more interest payments and your loan has not yet been converted to an interest roll-up lifetime mortgage, you can contact our customer services team to make a one-off payment by debit card.

Can I change my payment amount and payment term?

You can’t change your payment amount or term after your lifetime mortgage has been set up. You can choose to stop making interest payments, but you won’t be able to restart them at a later date.

How can I change my direct debit details?

Get in touch with our customer services team to change your direct debit details.

The new account must allow direct debit payments to be collected and must be in the name of one, or both, mortgage account holders.

Moving your mortgage to a new property

If you’re thinking about moving house, it’s important to let us know as soon as possible. 

We’ll need to check whether you can transfer your lifetime mortgage to your new property. We’ll also help you start a ‘porting’ application, which needs to be submitted alongside the purchase of your new property.

Find out more in our guide to porting

Repaying your full loan

Repaying your outstanding loan balance is known as a ‘redemption’ and can happen in two ways:

Voluntary redemption

This happens when you choose to close your account and repay the outstanding loan balance because you no longer want the mortgage. You can choose to do this at any time, but you may incur early repayment charges.

Required redemption

This happens when you, or the last surviving borrower, dies or moves into long-term care. 

We’ll need to be contacted if this happens. We’ll explain the next steps and request any extra information we need.

After we receive the payment, we’ll confirm in writing that your mortgage has been redeemed and instruct the Land Registry to remove our charge from the property.

Where can I find my outstanding loan balance?

Our customer services team can give you an indicative figure and let you know if any early repayment charges will apply.

Additional information

If your property is in Scotland or the Scottish isles, you’ll need to appoint a solicitor to represent you in the redemption process. Your solicitor will need to offer ‘Conveyancing Residential’ legal services and be a member of the Law Society. 

The Redemption Quote is only valid for 28 days. After this, a new quote will need to be requested.

Next steps

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Find an adviser

Get a tailored quote for this product from a financial adviser. To find one, visit the Equity Release Council.

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Customer support

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Get in touch

Call customer services

0800 068 0212

or send an email

Monday – Friday 9am to 5pm

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