Status: You are viewing the version of the handbook as on 2009-03-31.

drawdown mortgage

    12a lifetime mortgage contract where:

      1. (a) the amount borrowed is paid by the mortgage lender to the customer in instalments during the life of the mortgage; and
      1. (b) the size and frequency of the instalments are:
        1. (1) agreed between the mortgage lender and the customer; or
        1. (2) set by reference to an index or interest rate (such as the Bank of England repo rate).