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Drawdown schemes are a welcome innovation to the equity release market & are now the most popular method of releasing equity. Their prominence has also been assisted by the fact that interest rates have now become much more competitive.
Drawdown schemes are based on the principle of ‘roll-up’. However, rather than taking funds in a single withdrawal, drawdown enables you to take it in stages.
This is achieved by the creation of a reserve facility, which holds additional funds for future use. In addition to the above features, drawdown plans have the following advantages/disadvantages: -
This is an equity release plan. To understand the features and risks, ask for a personalised illustration.