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Drawdown Schemes

Similar to the standard lifetime mortgage, the drawdown lifetime mortgage also features the fact that there are no regular repayments to make and you continue to own 100% of your home. It differs,  however, by offering increased flexibility by allowing you to not just receive a lump sum, but provides you with the option of releasing your cash over time, as and when you need it.

This means that you can accrue a reduced amount of interest and also limit or prevent any impact that the additional funds may have on means tested benefits, should this be of relevance to you. The total amount you borrow, plus any interest accrued, is only repaid once you pass away or permanently vacate the property e.g. move into long-term care.

As with all Equity Release schemes it is very important to get advice on whether the scheme is right for you. Please talk to us to find out more and ensure you get the advice you need.

As part of the advice process, consideration must be given to discussing proposed actions with family members given that the estate is likely to reduce in value.  It is good practice to consider alternative means of raising capital such as downsizing, financial assistance from family members, the availability of grants and other forms of borrowing.  Additional costs may be involved when entering into an Equity Release arrangement such as lenders arrangement, valuation and legal fees and these vary by lender.  Once equity has been released, it remains your responsibility to maintain the property at your expense.  Releasing equity from your home may affect any entitlement to state benefits. 

It is essential that independent legal advice is sought prior to completing a release of equity from your property.


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