Lifetime Mortgage Drawdown+:

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At a glance: Lifetime Mortgage Drawdown+

Our Lifetime Mortgage Drawdown+ can be the right solution for many of your clients looking for a flexible option to manage their finances in later life. We’ve outlined our suitability criteria as an overview:
Lifetime Mortgage Drawdown+
Type of loanLump sum (with facility to draw-down further sums up to the maximum loan).
Entry qualificationSingle borrower or joint borrowers.
EligibilityYour client will have to be a resident in the UK and should be able to provide a UK address history covering the last 36 months. They must have a permanent right to reside in the UK.
Minimum age attained at entry55
Maximum age attained at entry84
Minimum initial loan£10,000
Minimum withdrawal£1,500 for each subsequent withdrawal per calendar month.
Minimum property value£100,000
Maximum property value£5,000,000
Guaranteed detailsThe maximum cash facility is not guaranteed, there are circumstances when the maximum cash facility may be reduced or removed, which are defined in the Terms and Conditions.
Withdrawal frequencyAs requested (but cannot be more than once per calendar month) until maximum loan runs out.
Maximum loanAdvisers can enter a specific drawdown reserve for their client or choose from the pre-set levels. The maximum cash reserve is determined as a percentage of the property value, using the age of the youngest applicant and the borrowing level selected.

Read our loan to value scale.

When your client takes money from their cash facility, the interest rate will be based on the new business rate which is place at the time of the withdrawal.

Early repayment charges

If your client needs to redeem their lifetime mortgage early, there may be an early repayment charge.

We were the first lender to offer fixed early repayment charges. That means we can offer complete transparency and certainty for your client. We calculate charges on the percentage of total amount of the loan to be repaid – it doesn’t include any accrued interest. Charges are based on the initial loan date, excluding additional borrowing. For example, if your client takes a withdrawal 6 years after the initial loan, and repays it 7 years after the initial loan, the early repayment charge will be 3% of that withdrawal.
Year of early repayment% of the amount repaid
1-55%
6-103%
10+0%

When charges don't apply

Early repayment charges do not apply if:
  • The borrower moves house and transfers their mortgage to the new property.
  • The last surviving borrower moves permanently into long term care.
  • The last surviving borrower dies.
  • A borrower (on a joint mortgage) passes away or moves into long term care and a repayment is made after the date of death or move.
  • The borrower fully repays after completion of their lifetime mortgage and moves to a property they wished to transfer their lifetime mortgage to that did not meet our lending criteria.
  • The total debt is reduced or fully repaid using the money from an insurance company following damage to the property.
  • We no longer offer new Lifetime Mortgage Drawdown+ products and access to the cash facility is subsequently removed for all Drawdown+ customers and the borrower decides to fully repay the lifetime mortgage. 
  • The borrower chooses to make repayments totaling up to 10% of the original advance each year. 

Please note terms and conditions apply. For more information see our Drawdown+ terms and conditions.

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