This type of lifetime mortgage scheme will provide you with a cash lump sum and an open ended drawdown facility that you may draw in minimum amounts of £5000 over the lifetime of the scheme.  You do not have to make any payments during the lifetime of the mortgage and the interest rate on the initial advance is fixed for the lifetime of the mortgage scheme.  The interest rate charged on any cash sum withdrawn from the drawdown facility will apply from the date you draw the cash sum for the remaining life of the loan and could be higher or lower than the initial interest rate.  All of the interest rolls up during the lifetime of the loan.

These details are based on an example of a 70 year old male releasing £50,000 from a property value of £250,000. The plan is available subject to provider criteria. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.