Equity Release Drawdown Plans
Take lump sums when you require
if you have already used our Equity Release Calculator you will have an idea of the maximum amount you can take out as a lump sum from your home. However, if you don’t need or don’t want the maximum amount of cash immediately you can opt for a Drawdown plan that allows you to take smaller lump sums as and when you require.
For example if you have an immediate need for £20,000, but want to take a dream holiday next year you can choose to take the £20,000 immediately and then take a smaller amount next year. if you decide that the year after you want to build a conservatory on your home you can then decide to take another lump sum when you need it.
This type of option is called a Drawdown Plan and you choose how much you want to take and when you want to take it. One of the advantages of a Drawdown Plan is that you don’t pay any interest on your loan until you have withdrawn the money. There may be minimum amounts that you can take in each lump sum, but these will vary from provider to provider and we will always find a plan that meets your requirements best.
If you need the flexibility or the security of being able to take further lump sums or an income in the future talk to us today about using a Drawdown Plan rather than a lump sum plan.