Drawdown plans are a form of equity release which allows you more freedom to release your money when you like. As you only pay interest on the money you have drawn down, you can save a considerable amount in interest over the lifetime of the plan.
But what is equity release? Equity release allows its customers to unlock some of the cash from their property without having to relocate or downsize.
“Many retirees have more wealth tied up in property than anywhere else, so it is only logical that this forms part of their plan to enjoy a comfortable retirement,” commented Nigel Waterson, Chairman of the Equity Release Council, “There is a danger that people’s pension pot will be ‘here today, gone tomorrow’-but housing wealth is one constant that many in this generation can rely on for support” Is Equity Release is the right option for you? >>>
Will you qualify for equity release?
There are a few things you need to take in to consideration when applying for equity release. Here are a few of the things that will help you see if you’ll qualify:
Aged under 55 – Equity release is only available to those who are over the age of 55
Live in Isle of Man or the Channel Islands – Equity release is currently not available for properties in the Isle of Man or the Channel Islands.
Have under 50% equity – This means if your house is valued at £70,000, you have paid off less than 50% (£35,000)
Over 60 years old – Although equity release is available to those aged over 55, most successful applicants are aged 60+
House value of over £70,000 – The current value of your home must be more than £70,000
Willing to speak to an advisor – Equity release is not something you can get an online quote for, you’ll need to arrange a no-obligation appointment with a qualified advisers in the comfort of your own home.
Book a FREE no-obligation consultation in your own home today and find out more if Equity Release is the right option for you.
We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best Money Saving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.
This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. We often link to other websites, but we can't be responsible for their content.
This site is in no way affiliated with any news source. As mentioned above it is an advertisement. This site contains affiliate and partner links. Any testimonials on this page are real product reviews, but the images used to depict these consumers are used for dramatization purposes only.
This website and the company that owns it is not responsible for any typographical or photographic errors. If you do not agree to our terms and policies, then please leave this site immediately. All trademarks, logos, and service marks (collectively the "Trademarks") displayed are registered and/or unregistered Trademarks of their respective owners. Contents of this website are copyrighted property of the reviewer and/or this website.