Equity Release News

How to Withdraw More Money From Your Old Prudential Equity Release Scheme

Prudential drawdown lifetime mortgage
At Equity Release2go.com we have many industry experienced advisers who have a wealth of knowledge regarding equity release & can therefore advise on all forms of equity release schemes all around the country.

These include previous working relationships with Norwich Union (now Aviva), Prudential, NatWest/Royal Bank of Scotland, Consumer Credit Counselling Service & Newcastle Building Society. Therefore no matter your type of query, we have professional and experienced independent equity release advisers who you can rely on.

For instance, we still have many customers with older Prudential equity release plans & we can advise on whether they are able to take additional equity release funds from their plans. Alternatively, should there be better equity release deals instead, we can also analyse whether it may be in your interest to remortgage to a new equity release plan completely. With equity release interest rates having fallen over the past year, a lower interest rate could be certainly worth considering if the figures stack up.


What is the Prudential Withdrawal & Enquiry Procedure?

The Prudential Lifetime Mortgage was also known as the Property Value Release Plan & came in two formats – a drawdown scheme and a single lump sum lifetime mortgage.

It is only the former (drawdown plan) where additional equity release tax free cash can be taken. If you have one of the single lump sum plans then you may need to consider an equity release remortgage & should contact us now on 0800 321 3156 where we can analyse whether this would be in your best interests.

Therefore, if you have the Prudential drawdown plan and require additional drawdown funds then the following information will be of assistance if you require further funds from your reserve facility.

To release additional funds, simply follow the three easy steps outlined below. Prudential state the extra funds should be in your account in as little as 10-12 working days from enquiry stage.


Step 1:

Firstly Locate your Last Annual Statement

Your last annual statement will help you to find out how much is available to withdraw.
However, as previously stated, not all of Prudential’s equity release plans allow you to raise additional funds. If you are unsure about whether you can release more funds, please call us on 0800 321 3156.


Step 2:

You Need To Make a Drawdown Request

Should there be funds left available in your reserve facility & would like to withdraw some or all of this, call ourselves or use the Prudential online request form which can advise your requirements. The Prudential equity release calculator will advise them how much extra cash you can withdraw.

Any previous Stonehaven lifetime mortgage customers can only request drawdown’s by phone.


Step 3:

You Will Be Posted a Drawdown Offer Document

Prudential will then forward a Drawdown Offer Document, for you to confirm the details of your request. You will need to complete this with the bank account details where you require the funds to be sent and all parties to the application should sign.

Upon receipt of the signed Drawdown Offer Document, Prudential equity release will transfer your funds by BACS where a drawdown fee of £90 will be levied for each withdrawal. The funds should reach your bank account the following working day.


If you have any queries on this process, or any other equity release plan where additional funds are required, call the Equity Release2go further advance team on 0800 321 3156.