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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 80Official Bank Rate80).