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Drawdown Lifetime Mortgage

A popular option as a drawdown facility is agreed at the beginning but not all funds are taken immediately.

Drawdown Lifetime Mortgage

This has become a very popular way of borrowing since it was introduced a number of years ago. Rather than borrowing a one of lump sum, a drawdown facility is agreed by the lender at the beginning but not all funds are taken immediately. It allows borrowers to plan ahead, in the knowledge that they can take the funds in the future as and when they are needed.Interest is only charged on the money when it is actually borrowed. An example of this would be someone looking to boost their income each year, drawing down funds when it is needed.

It is possible to have a plan that includes many of the above features. For instance, a roll up plan, with flexible option on a drawdown basis can be arranged.

With most lenders the interest rate may change on each subsequent tranch as it is drawn down.

CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE. We provide whole of market advice on Lifetime Mortgages. We DO NOT give advice on or arrange Home Reversion plans. London Equity Release Advice is a trading style of R Young Financial Consulting Ltd (FCA number 539235) which is an appointed representative of JLM Mortgage Services Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA) registration number 300629. The FCA do not regulate some forms of mortgages. R Young Financial Consulting Ltd is UK registered company( No: 09128155). Registered address: The Yew Tree Inn, High Street, Gresford, Wrexham, United Kingdom, LL12 8RF. The guidance within this website is solely targeted at consumers based in the UK. We charge a fixed £995 fee, only payable at completion.

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