Equity Cash Release > Existing lifetime mortgage

Existing Lifetime Mortgages

A lifetime mortgage is a mortgage secured against your home for a long-term duration.

I have an existing lifetime mortgage can I release more cash?

First remind yourself of the terms and conditions of your scheme. Some lifetime mortgages come with an automatic facility to let you take out more cash, if you opted for a drawdown plan.

If not, you may be able to get a further advance. You can do this by contacting Key who will be able to review your existing plan, then look at your individual circumstances to see if you could get any more cash.

I took my plan out 5 years ago. Can I get a better interest rate?

As interest rates fluctuate and can vary from provider to provider, it may be possible to get a lower rate on a lifetime mortgage.  Any decision to move rate will need a careful look at the terms and conditions of your existing plan to make sure you don’t lose out on any options and also consider any early repayment charges.  It is well worth running this past one of Key’s advisers as it may be possible to move you to a better plan and add the option to draw more cash in the future.

If you are thinking about taking out an equity release plan, read through Is It Right For Me? carefully.