Responsible Lending has upped the number of LTV bands across its equity release products that offer a drawdown facility.

Previous to the change, the lender provided a drawdown function across six of the 12 LTV bands it offers. This has now been expanded to the first 9 of its LTV bands.

For joint borrowers aged 55, this equates to being able to choose a drawdown up to and LTV of 22.5% compared to 17.5% and, for a single borrower aged 64, from 28% to 34%.

Drawdown has also been extended to the lender’s ‘Premier’ range, which has been designed for borrowers who wish to release up to £2m on high value properties.

Responsible Group executive chairman Steve Wilkie says: “At one time, drawdown was a novel innovation but it is increasingly seen as a must-have by many customers.

“Drawdown allows borrowers to have the best of both worlds, giving them unrivalled flexibility and peace of mind, particularly when they are newly retired.

“Brokers and advisers are keen to see this option made as widely available as possible. We can see the huge demand for drawdown and we’ll continue to design these products around the end customer.”