Drawdown Lifetime Mortgages

If you are considering equity release and a want to learn how much you can get and what options you have then our approved experts can help find you the right solution.

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Age Partnership Why?
Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

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Compares Equity
Release Marketplace

Proud to have provided over 10 years of award-winning retirement income services. Don't miss out on unlocking tax-free cash from your home. Apply with Age Partnership to use their free equity release calculator.

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Rated 5/ 5

Key Retirement

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Compares Equity
Release Marketplace

Our Lowest Rate Promise is designed to find you the lowest applicable equity release rate on the market. If we cannot beat or match the rate from another provider we will pay you £500!

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Rated 4/ 5

Legal & General

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& Lifetime Mortgages

A Legal & General Lifetime Mortgage allows homeowners who are over 55 and have a property worth at least £100,000 (£150,000 for ex-council properties) to release cash from their home.

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Rated 4/ 5

Prudential

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& Lifetime Mortgages

Equity release is a way of supporting yourself later in life by unlocking tax-free cash from the value of your home, without having to move out. Request a quote today via our approved advisors.

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Rated 4/ 5

Aviva

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Equity Release
& Lifetime Mortgages

Equity release is a way of supporting yourself later in life by unlocking tax-free cash from the value of your home, without having to move out. Request a quote today via our approved advisors

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Rated 4/ 5

Pure Retirement

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Equity Release
& Lifetime Mortgages

Pure Retirement was founded on the belief that everyone deserves to enjoy their later years. As recent winners of the Moneyfacts Age award for Equity Release Lender of the Year, they provide a simple and straightforward solution for accessing the value tied up in your home.

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Rated 4/ 5

Bath Building Society

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Equity Release
& Lifetime Mortgages

Our Retirement Mortgages are aimed to meet the needs of older borrowers who are either looking to release equity, remortgage with us because your current lender has an age limit or move home. The Society can lend a minimum of £50,000 and up to a maximum of £200,000.

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Rated 4/ 5

One Family

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Equity Release
& Lifetime Mortgages

OneFamily Lifetime Mortgages enable you to borrow a one-off lump sum, and then choose whether you want to make monthly interest payments, a more flexible arrangement of one-off voluntary payments, or no payments at all.

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Rated 4/ 5

Hodge Lifetime

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Equity Release
& Lifetime Mortgages

Hodge Lifetime launched the first equity release plan in 1965, and is the longest established equity release provider in the UK. Its products are provided by Julian Hodge Bank Limited. The 55+ Mortgage has been designed specifically with the older borrower in mind.

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Rated 4/ 5

Just Retirement

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Lifetime Mortgages
Home Reversion Schemes

There are two main types of equity release product: lifetime mortgages, which are mortgages that are secured against your home; and home reversion plans, where you sell all or part of your property to a reversion company in exchange for money. Request a quote via our approved advisors

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Rated 4/ 5

Liverpool Victoria

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Equity Release
& Lifetime Mortgages

Equity release from LV lets you release tax-free cash from your home, without having to move, which you can then spend on your garden or home, on a holiday, to treat family or friends or to make your retirement more comfortable.

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Rated 4/ 5

Canada Life

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Equity Release
& Lifetime Mortgages

Equity release is a way of supporting yourself later in life by unlocking tax-free cash from the value of your home, without having to move out. Request a quote today via our approved advisors

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Rated 4/ 5

More 2 Life

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Equity Release
& Lifetime Mortgages

more 2 life provides a wide range of lending solutions for the over 55s. They work exclusively with qualified advisers and their lifetime mortgage plans help customers release cash from their homes to help deliver a more comfortable and flexible retirement.

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Rated 4/ 5

Retirement Advantage

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Equity Release
& Lifetime Mortgages

As part of Canada Life, Retirement Advantage has more capability than ever before to help customers feel better equipped to make the most of their retirement. Request a quote via our approved advisors

 

FAQ's

What is a drawdown lifetime mortgage?

In simple terms a drawdown lifetime mortgage allows you to receive regular cash payments from your scheme rather than a one off sump sum. It provides you with greater control and flexibility as to when you receive your money, and you benefit from only being charged interest on the amounts you receive. This type of lifetime mortgage provides an alternative solution for those who don’t need to access all of their money at once.

With a drawdown lifetime mortgage you agree with your provider a maximum facility or amount of money available to drawdown. You can then access this money as and when you need it. You may for example drawdown an initial amount of money you need now, and then save money in the scheme to access later on or as and when you require it.

How much can I receive under the drawdown lifetime mortgage?

As with any type of lifetime mortgage, with a drawdown lifetime mortgage the actual amount available will depend on personal factors such as your age, health condition and your home’s value. Our equity release experts will be able to provide you with an accurate quote, and discuss the options that are available to you.

Do I have to make any mortgage repayments?

With a drawdown lifetime mortgage any interest incurred can be rolled up (compounded) and repaid from your estate at the end of the scheme. However, depending on the options you choose you can also opt to make regular interest repayments to reduce the overall debt at the end of the scheme, which may then increase the amount of money you leave to any beneficiaries of your estate.

Can I continue to live in my home?

You can continue to live in and enjoy your home as normal until you either die or move into long term care. There is also a no negative equity guarantee which means that the amount you owe will never be more that the value of your home. This is particularly reassuring in the event that house prices were to drop considerably in the future.

What are the main advantages?

  • Similar to a bank overdraft, you are only charged interested on the amounts you receive rather that the whole facility available.
  • You are provided with more control and flexibility as to when you receive your money.

What are the main disadvantages?

  • You may be provided with a smaller facility than if you were to go with the one off lump sum option.

Where can I get further advice?

If you are interested in learning more about drawdown lifetime mortgages or any type of equity release then our experts can help. They are regulated equity release professionals that can provide you with independent advice and guidance on the options available. They are also members of the Equity Release Council and abide strictly by their code of conduct.

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