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
2. (b) the size and frequency of the instalments are:
   1. (1) agreed between the mortgage lender and the customer; or
   2. (2) set by reference to an index or interest rate (such as the 80Official Bank Rate80).