Drawdown lifetime mortgages allow you to access funds by releasing equity from your home. Based in Maidstone, our experienced advisers work with clients across the UK to guide them through the process, helping them understand the benefits and find the right solution based on their specific circumstances.
How does it work?
Similar advantages and disadvantages as a regular lifetime mortgage, with additional issues that are unique to this kind of equity release scheme. The main difference is that you don't request the full sum of money available to you immediately. Instead, you decide on a maximum amount of equity you want to release, and 'drawdown' the cash in stages as and when required.
ADVANTAGES
- You are in control of your money as you can release cash when it suits you, or you may be able to request a monthly income with no monthly payments to make
- You retain full ownership of your home
- You only pay interest on the amount of equity released from your home, so interest could accumulate more slowly than with a regular lifetime mortgage
- Drawdown Lifetime Mortgage plans may be available to younger people (aged 55+)
- Some Drawdown Lifetime Mortgage plans let you guarantee an inheritance for your family
DISADVANTAGES
- Interest rates are usually higher than on a standard lifetime mortgage
- Reduced amount available to leave as an inheritance
- Interest grows quickly as it is compounded
- If you want to increase the amount of equity released beyond the original amount agreed, you would normally have to apply for a further advance, which is not guaranteed
- If you repay the lifetime mortgage loan early, you may have to pay an early repayment charge
- Your tax position and certain state benefits may be affected
Our priority is to help you decide whether a drawdown lifetime mortgage is right for you. Our trusted advisers will work with you to tailor a solution that fits your financial needs and goals. Contact us today to discuss your options.
What were the circumstances that caused you to initially look for an adviser?
For our mortgage application
How has Jenny Whyte helped you?
With the mortgage application and made the entire process so much easier and speedy.
Have you seen the outcome you were hoping for?
Yes we were able to purchase our property within a two month period
What could they have done better?
Nothing as Jenny was excellent and I have since referred her to others
Jenny's reply
Thanks Linda and for recommending me to your friends! I will be in touch soon to discuss your remortgage.
What were the circumstances that caused you to initially look for an adviser?
We've used Jenny before to help secure a mortgage, so when our fixed term was coming to an end, we were happy to use her services again.
How has Jenny Whyte helped you?
she helped us renew our mortgage.
Have you seen the outcome you were hoping for?
Yes, we're on the best fixed rate we could have achieved under the economic circumstances.
Jenny's reply
Thanks Kate for the review. I hope you have a fantastic special birthday celebration in July!
What were the circumstances that caused you to initially look for an adviser?
We initially contacted Jenny to find out about mortgage options for us.
How has Jenny Whyte helped you?
Jenny has gone above and beyond to support us in our first house purchase together. From navigating mortgage options that suit us and not pushing us into just any deal to thoroughly explaining all the different options when it comes to insurance and protection. She has also been incredibly helpful when our initial sale fell through. She kept us in the loop, every step of the way and responded to our queries and questions with lightening speed and has always been available when we needed her. She has given us exceptional service throughout.
Have you seen the outcome you were hoping for?
Yes.
What could they have done better?
Nothing. Honestly, everything has been perfect.
Jenny's reply
Thank you Victoria and Graham for the lovely review. Fingers crossed for a smooth house move!
What were the circumstances that caused you to initially look for an adviser?
We was after some help in finding the best mortgage interest rates and advice on what type of mortgage to go for.
How has Jenny Whyte helped you?
Jenny helped us by explaining different types of mortgages and their pro’s and con’s. She also managed to find us mortgages that accept price work which was helpful. Jenny managed to get us a rate we was happy with.
Have you seen the outcome you were hoping for?
Yes
Jenny's reply
Thank you James and Jasmine for the lovely review, it's been fantastic to work with you both. I hope the house move goes smoothly!
What were the circumstances that caused you to initially look for an adviser?
Remortgage
How has Jenny Whyte helped you?
Advised on available mortgages
Have you seen the outcome you were hoping for?
Yes
What could they have done better?
Nothing
