Drawdown Lifetime Mortgage

  • Many turn to equity release to access money tied up in their home without needing to move.
  • When they move into long-term care or pass away, then their home must be sold to repay the debt, plus interest.
  • If you are considering equity release, our experienced advisers can take you through the process; outlining exactly what it is, the advantages and any considerations you will need to be aware of.  
 
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Many of our consultants can give advice on savings and investments and equity release. Any one of them will know the current market – savings products, investment opportunities and equity release products – and which could suit you and your lifestyle. They will also be privy to market changes and how this will affect your portfolio, so they can manage things for you continuously. James Dunn, Managing Director and Financial Planner, LL.B (Hons), DipFA Cert CII (MP & ER) is no stranger to managing portfolios. Highly qualified, he brings experience and a wealth of knowledge to his role. And, as Managing Director, he ensures Park Hall’s strong values and high standards are met at all times.  

CONTACT James
James Dunn LL.B (Hons) DipFA Cert CII (MP & ER)
Managing Director / Financial Planner

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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.

Free initial consultation

If you would like to discuss your equity release options with James or one of their colleagues, we invite you to do so by way of an initial free consultation.

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ADVANTAGES

  1. 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
  2. You retain full ownership of your home
  3. 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
  4. Drawdown Lifetime Mortgage plans may be available to younger people (aged 55+)
  5. Some Drawdown Lifetime Mortgage plans let you guarantee an inheritance for your family

We understand that opting for equity release is a major decision. If you are happy to go ahead, we’ll work with you to make the process as straightforward as possible.

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DISADVANTAGES

  1. Interest rates are usually higher than on a standard lifetime mortgage
  2. Reduced amount available to leave as an inheritance
  3. Interest grows quickly as it is compounded
  4. If you want to increase the amount of equity released beyond the original amount agreed, you will normally have to apply for a further advance, which is not guaranteed
  5. If you repay the lifetime mortgage loan early, you may have to pay an early repayment charge
  6. Your tax position and certain state benefits may be affected

Get in touch

For financial services that are independent, individually tailored and incomparable, contact us today. Our knowledgeable and helpful advisers will be happy to help.

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EQUITY RELEASE (INCLUDING LIFETIME MORTGAGES AND HOME REVERSION PLANS) WILL REDUCE THE VALUE OF YOUR ESTATE AND CAN AFFECT YOUR ELIGIBILITY FOR MEANS TESTED BENEFITS.

THIS IS A LIFETIME MORTGAGE (HOME REVERSION SCHEME). TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.

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How has Philippa Bown helped you?

Phillipa has helped by regular face to face meetings with additional responses to questions. She has guided us through uncertain financial times.  Introduced us to different products to better serve our future. Philippa is an approachable adviser and explains with patience aspects of our financial choices.  We are confident that as we enter a different stage in our lives that her advice will continue to provide a secure base for our future.

Pauline

I have been a client of Park Hall for some years and following some changes in the organisation I have had Andrew as my Advisor for just over 1 year. Andrew undertook a thorough review of my existing portfolio, current financial situation and retirement goals at our first meeting. He provided detailed cashflow forecasting which has provided me with a much better picture given the various scenarios. He also made valuable suggestions regarding costs and charges which will make savings without compromising the investment.

B Taylor

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Tax advice and planning, Buy to Let mortgages and Trusts and not regulated by The Financial Conduct Authority.
Please note that some advice on auto-enrolment schemes is not regulated by the FCA.
The value of your investment can fall as well as rise and is not guaranteed.
This is a lifetime mortgage (home reversion scheme). To understand the features and risks, ask for a personalised illustration.
Your property may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your property. There may be mortgages available on the high street, which Park Hall may not have access to.
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk
Park Hall Financial Services Limited is authorised and regulated by the Financial Conduct Authority. FCA No. 514480.
Registered Office: 2 Market Place, Mansfield Woodhouse, Mansfield, NG19 8AS.
Park Hall Financial Services Limited is registered in England and Wales, Reg No. 06839868.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at customers based in the UK.

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