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“More and more” homeowners using drawdown lifetime mortgages

January 9, 2008 by admin  
Filed under News, News-Mortgages

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Increasing numbers of homeowners are taking advantage of drawdown lifetime mortgages according to industry experts.

Intune group ltd, the subsidiary of Help the Aged which provides financial products to those aged over 50 years old, said drawdown mortgages allow the consumer to release money from property over stages.

Mark Gettinby, director of financial services of the Intune group, said: “This gives clients the peace of mind of knowing that they have funds available to them as and when they need them.”

Drawdown mortgages, among other plans, are commonly used to supplement income, fund one off purchases or to pay off debts such as credit cards and mortgages to increase disposable income.

Mr Gettingby added that they especially benefit the homeowners over the age of 55.

According to research from the Safe Home Income Plans (SHIP), drawdown mortgages account for 51 per cent of all new equity release plans sold.

Further findings from SHIP found that the sale of equity release plans had increased by 15 per cent in the third quarter of 2007.

Tags: debts, economics, ltd, director of financial services of the Intune group, Aged, equity release, Help the Aged

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