Lifetime Mortgage Drawdown
Designed to let you borrow a little now, and more in the future
What is Lifetime Mortgage Drawdown?
With a Lifetime Mortgage Drawdown you can access your money with a lot of flexibility. Rather than just receiving a one-off lump sum, you have the option to release your cash over time, as and when you need it. Because you only pay interest on the cash that you have taken, these products can often prove to be a cost-effective method.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.
Make an enquiry
To find out if you’re eligible and how much equity you could release from your home, call one of our specialist advisers at Simply Lifetime Mortgages today.
0800 051 4475
Lines open:
Mon to Sat 8am - 9pm
Sun 9am - 5.30pm
For Text Phone first dial 18001
Calls will be recorded and may be monitored for training and audit purposes.
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
- The ‘no-negative-equity’ guarantee ensures that you can never pass on debt to your estate
- 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
We know your home is important to you, that’s why lifetime mortgages are clear and straightforward
alternatives to lifetime mortgage drawdown
If you need to release equity for a specific one-off expense such as home improvements or to pay university fees, it may be better to borrow a one-off lump sum.
Financial Advice on equity release
Need help?
We’ve chosen to partner with Simply Lifetime Mortgages to offer you advice on Equity Release.
Mon to Sat - 8am - 9pm
Sun - 9am - 5.30pm
For Text Phone first dial 18001
Calls will be recorded and may be monitored for training and audit purposes.