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Retirement ushers in the unknown. If you don’t have reliable investments or a handsome pension fund, then it could be challenging trying to maintain your lifestyle or actualise those lifelong dreams you always thought you’d bring to life when you retire. With the drawdown lifetime mortgage, however, you can unlock the equity tied up in your home and be a step closer to getting to Panama or making those kitchen renovations.

The Drawdown Lifetime Mortgage Calculator Explained

Are you cash strapped? Do you own property within the remits of the UK and a home worth more than €70,000? Are you aged 55 and above? Have you been looking forward to vacationing in the Bahamas or funding your home gentrification projects?

If yes, taking out a drawdown lifetime mortgage1 is your best option. The mortgage scheme is a form of equity release2 plan that allows you to unlock the capital tied up in your home bu turning it into a cash lump sum or drawdowns. Unlike with other traditional mortgages, the scheme enables you to unlock the initial lump sum, and the rest goes into a cash reserve facility.

Initially, depending on your plan provider, you’ll borrow a minimum of £10,000 from your ‘cash reserve’, but then after that, you’ll be free to borrow as much cash as you’d like and as many times as you’d wish to – until your capital reserve is entirely used.

The minimum supplementary borrowing is usually £2,000, meaning you can take smaller amounts for fewer expense items, without you having to take more than required.

There’s no additional charge for making withdrawals, but the interest rate you’re charged will be the one that’s present at the time, which might be different from the interest rate at the time you initially borrowed. Once you’re set up with the plan provider, the cash is placed into your bank account within a few weeks.

As the interest is only charged on how much you borrow (not on capital in your cash reserve), it’ll reduce the ultimate amount of interest to be reimbursed if you borrow in a series of drawdowns over time – instead of one large lump sum.

How Do You Use the Drawdown Mortgage Calculator?

To figure out the amount you can receive with a drawdown lifetime mortgage, you have to use the drawdown calculators.

To use the drawdown lifetime mortgage calculator, you simply have to:

These are the criteria used by plan providers to decide the amount of capital you can borrow.

How Much Can You Release?

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What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
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Brenden
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I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
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Margaret Doyle
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I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
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Download our guide to make sense of the equity release mortgage or try our simple equity release calculator and get an idea of how much money you could release.

HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

Use our free equity release calculator & see how much you can release today.

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