Royal London has introduced a drawdown facility as part of several enhancements to its Principal equity release product.

The group said the move, which also includes a reduced early repayment charge (ERC) period from 10 to seven years, reinforces a delivering long-term value, reliability, and increased flexibility for advisers and their clients

Under the new drawdown facility, clients will have the option to access their property wealth more flexibly, tailoring their withdrawals to suit their evolving needs.

Customer life stage and solutions director at Royal London Equity Release, Alan Ritchie, commented: “The evolution of our Principal product reflects Royal London’s commitment to equity release as a core solution to meet customer needs. We know that the market must expand significantly to meet the growing customer demand for robust retirement planning and repayment of traditional mortgages.

“The new capabilities – a drawdown option and a reduced ERC period – provide advisers and their clients with more choice and meaningful flexibility.”

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