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Similar to the standard lifetime mortgage, the drawdown lifetime mortgage also features the function that there are no regular repayments to make and you continue to own 100% of your home. However it differs by offering increased flexibility by allowing you to not just receive a lump sum, but provide you 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.
A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.
There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.
There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.
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