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Lifetime Mortgage Drawdown

Designed to let you borrow a little now, and more in the future

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benefits of a lifetime mortgage drawdown

It's a big decision to make, so it's important you make the right choices when thinking about releasing money from your property.

Advantages of Drawdown

  • The cash you release is tax-free and can be spent as you wish
  • Access your money with flexibility, you can release equity over time, as and when it suits you
  • It’s cost-effective because you only pay interest on the cash you choose to take out
  • You continue to own your home, thereby benefiting from any future increase in its value
  • There are no monthly repayments to make with a Lifetime Mortgage Drawdown
  • All products come with a ‘no-negative-equity guarantee’
  • Some equity release products will offer an inheritance protection guarantee which can allow you to protect a percentage of your property value so that your family could inherit a part of the property value

Things to consider  

  • The size of the mortgage will grow over time, this is because of the roll up of interest
  • If you want to increase the amount of equity released beyond the original amount agreed, you would normally have to apply for a further advance, which would not be guaranteed and may be time limited. You would need to seek product T&Cs for more details
  • The amount that you will leave as an inheritance will be reduced each time you release money
  • If you wish to pay off the equity release product early, you may have to pay an early repayment charge, these differ from product to product
  • In some cases the lump sum of money that you release could affect your entitlement to any means-tested benefits that you may receive now or in the future

Try our free Equity Release calculator

Financial Advice on equity release

Need help?

We’ve chosen to partner with Simply Lifetime Mortgages to offer you advice on Equity Release.

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Mon to Sat - 8am - 9pm

Sun - 9am - 5.30pm

For Text Phone first dial 18001

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