Drawdown lifetime mortgages from The equityRelease Centre

Drawdown Lifetime Mortgages allow you create a total borrowing facility from which to draw down as and when required. Whilst you may have a few immediate needs for money, in our experience most people do not need all of the money immediately but want the reassurance that further money is available immediately should it be required. This is exactly what drawdown equity release scheme offer you as money would normally be available within 10 days or earlier with no need to incur new valuations or legal fees.

Whilst standard Lifetime Mortgages will normally offer you more, most providers will not allow you to take more within the first 3-5 years of taking out a plan . Even if they doi most apply additional charges each time you re-apply; require you to have a new valuation carried out and require you to take fresh legal advice each time costing more money. To avoid these problems standard plans tend to encourage the borrower to take the maximum amount initially. However, this means that the interest rolled up under your lifetime mortgage increases at the maximum rate and if you put the balance of any money released in a building society you are unlikely to receive as much interest as the rate being added to your loan. Drawdown Lifetime mortgages were created to overcome these problems. To avoid this, wouldn’t it be good if, just like a savings account, you could take out just what you need when you need it and only incurred interest on it when it was borrowed? This way not only would you have reassurance that your financial future is secured but the loan and interest would accumulate less – leaving more for your family or friends to inherit. This is exactly what a Flexible Lifetime mortgage offers. The equityRelease Centre is able to offer those over 55 such SHIP approved Flexible Lifetime mortgage schemes.

Under Drawdown Lifetime mortgages the provider creates a maximum borrowing limit based on your age (or youngest age if a couple) and the value of your home, from which you can, subject to plan minimums, draw down initially, just as much as you like. This way interest is only charged on the amount initially drawdown. The remainder creates a borrowing reserve which can be taken (within plan limits) usually as often as you like and in most cases free of any new application fees.

If you would like to see just how much facility you could create under a Drawdown Lifetime mortgage, please try our free online equity release calculator.

Alternatively if you would like a expert adviser to contact you to discuss Drawdown Lifetime mortgages and other forms of equity release please complete our  equity release enquiry form and one of our trained consultants will call you back shortly. Alternatively please feel free to phone The equityRelease Centre on 0118 958 8810

You will always receive courteous service in the strictest confidence from highly trained staff who all value your custom. Your business will be dealt with in a friendly, efficient and personal manner at all times.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.