![]() This may sound complicated, but it is quite straightforward. The new offer will form a sub-mortgage to the original loan. When you drawdown from your equity release reserve facility the lender will send you a new mortgage offer. Alternatively, you can check with your lifetime mortgage lender the minimum amount that you can drawdown. You can check your original lifetime mortgage offer to find out the minimum amount that you can drawdown. Most plans have a minimum drawdown amount between £2,000 and £5,000.Īviva have recently updated their terms which allow customers to draw a minimum of £500. When accessing an equity release reserve facility you do not need to draw all of the funds at once. You can call us on 02 to discuss your options. There may be other options available to you which your lender will not discuss with you. Once you have received your new mortgage offer, I recommend that you speak with an equity release advisor to make sure that it is the most cost effective way for you to proceed. If you want to drawdown from a reserve facility on an existing lifetime mortgage you should contact your lender directly to request the funds. Phone numbers for equity release drawdown by lender The whole process usually takes around two weeks. Once the signed offer acceptance is returned, the lender will release the drawdown funds directly into your bank account. To access your reserve facility you need to call your equity release lender directly who will send you a mortgage offer for the funds. You do not need further financial or legal advice, and the lender will be able to use the original property valuation. ![]() Equity release plans with reserve facilities can be an excellent way to access further funds as you need them. ![]()
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