The new product allows customers to take out a minimum initial loan of £10,000 with further ad-hoc drawdown payments available from £1,500 to £70,000. Withdrawals can be taken months so long as they do not exceed the maximum loan value,

The minimum property value is £100,000 and the maximum loan is £500,000.

The Drawdown+ product allows borrowers to make flexible repayments. After the loan has been running for 12 months, customers can make up to six repayments each mortgage year up to 10% of the total amount of loan advances without having to pay an early repayment charge.

The Lifetime Mortgage Drawdown+ product will be available to Financial Planners via the LV = Equity Release Portal.

Clive Bolton, managing director of savings and retirement at LV=, said: “We have listened to feedback from customers and advisers as launching an online portal makes it easier for them to submit and manage equity release applications.

“The drawdown market accounts for more than 60% of new equity release business. Lifetime Mortgage Drawdown+ gives borrowers the freedom to choose how much they drawdown. Allowing customers to make up to six repayments free of early repayment fees makes it easier for them to manage the interest on their equity release loan.”