Equity Release: Can a Further Advance help?
If you already have a lifetime mortgage, you might be able to borrow more money through something called a Further Advance. This lets you release more cash from your home, as long as you meet the lender’s rules.
Why Would You Need a Further Advance?
Life changes, and so do your financial needs. You might want extra money to:
- Make home improvements
- Help family with a gift
- Boost your income in retirement
Things to Consider Before Borrowing More
Taking a Further Advance means borrowing more money, which adds to your existing loan. This can:
- Increase the amount of interest you owe over time
- Reduce the inheritance you leave behind
- Affect your eligibility for state benefits
It’s important to think carefully about whether borrowing more is the right choice for you.
Why Do You Need Advice?
Even though you already have a lifetime mortgage, you must get advice before taking a Further Advance. This is because:
- The interest rate may be different from your first loan
- You need to know how much you can borrow
- It’s important to check if a Further Advance is the best option for you
We Can Help!
At Retirement Solutions, we can still give you advice on lifetime mortgages and Further Advances, even if you got your first lifetime mortgage from someone else. We’ll check if a Further Advance is a good option for you, explain everything clearly, and help you make the right decision.
Want to find out more? Contact us today for expert advice on equity release and Further Advances.
