This is similar to the standard lifetime mortgage. However, with the drawdown lifetime mortgage, rather than just receiving a one-off lump sum, you can access your money in stages, with more freedom to release money as and when you wish (subject to minimum amounts). Because you only pay interest on the cash that you have taken, these plans can often prove to be more cost-effective.


  • The cash you release is tax-free and can be spent as you wish, such as making home improvements, buying a new car, supplementing your retirement income and much more

  • Access your money with flexibility, you can release equity over time, adapting to changing needs in retirement - as and when it suits you

  • Can be more cost-effective because you only pay interest on the cash you choose to take out

  • You continue to own your home, therefore benefiting from any future house price rises

  • There are no monthly repayments to make with a drawdown lifetime mortgage

  • The ‘no-negative-equity’ guarantee ensures that you can never pass on debt to your estate

  • Plans can allow you to protect a percentage of your property value so that your family could inherit a greater part of the property value



  • 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 the individual product Terms & Conditions for more details

  • The amount that you will leave as an inheritance will be reduced and may affect your entitlement to state benefits as might your options for moving or selling your home in the future

  • If you wish to pay off the equity release plan early, you may have to pay an early repayment charge (these can differ from plan to plan)

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The minimum age of the youngest applicant for a lifetime mortgage is 55

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Call us free today on: 0800 802 1849 to find out more!

Find out how much equity you could release from your home TODAY