9
Jan
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.
