Drawdown Lifetime Mortgage

What is a drawdown lifetime mortgage?

A drawdown lifetime mortgage allows you to drawdown funds from your home as and when you need it, rather than taking a single lump sum.  After the initial release of funds you can drawdown additional amounts as and when required.

The main advantage of this option is you will only be charged interest on the money you have drawn down, making it is a more cost-effective option.

The funds are tax-free and allowing you to enjoy your home without having to sell up and downsize.

How does a drawdown lifetime mortgage work?

  • You agree the overall sum of money you would like to access from your lifetime mortgage provider. Taking into account your age and health, property value, and lifestyle choices.
  • An initial lump sum from the overall amount of money is released
  • When are then able to draw down any of the remaining funds as and when needed.
  • Interest is only added to the money that has been drawn down.
  • You decide if you want to pay the interest monthly, however these can be added to the outstanding balance and along with compound interest be repaid at the end of the mortgage.


If you are interested in finding out if a draw down Equity Release mortgage is right for you call Lifelink on 01189 349800 and speak to one of our expert advisers, and receive your free consultation, no fees are payable unless you decide to proceed.