9 Jan

More homeowners choosing drawdown mortgages

More homeowners choosing drawdown mortgages

Increasing numbers of UK homeowners are opting for drawdown lifetime mortgages, it has been claimed.

According to intune, more and more people over-50 are choosing the deals - which enable them to choose the maximum amount of equity they would like to release and then draw on this in stages - as a result of the flexibility they offer.

The equity released can then be used to pay for one-off purchases, repay debts and supplement day to day income, Mark Gettinby, director of the financial services group, said.

"More and more clients are taking advantage of Drawdown Lifetime Mortgages, which allow a client to take a small lump sum up front [minimum £10,000] to cover immediate requirements and the ability to draw from a pre-agreed facility as and when required in the future," he explained.

Mr Gettinby's comments come as a study by Safe Home Income Plans found that sales of equity release plans were up 15 per cent during the third quarter of last year.

ADNFCR-1222-ID-18420126-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.