With a drawdown lifetime mortgage, you still get access to tax-free money and again there are typically no monthly repayments to make unless you choose to. However, instead of receiving your funds in one lump sum, you can take the money as and when you need it following an initial release of at least £10,000.
This could be suited to you if you don’t need all your money upfront and want access to cash later down the line. It could also work out cheaper – as you only pay interest on the money you release and at the time you receive it, meaning you’re not paying interest on cash you don’t need. It’s worth noting, though, that the interest rate applied to any drawdowns you make will be the prevailing rate at the time, not the rate you initially secured.