Lifetime mortgage calculator
Lifetime mortgage options
There are two different types of lifetime mortgages, a lump sum plan which allows homeowners to release a larger sum of money, or a drawdown which allows you to release cash as and when you need.
There are five key standards when it comes to a lifetime mortgage that we provide as equity release council members. These are:
- A fixed (or capped) interest rate for life
- The right to remain in your home for life
- The right to move the plan to another property (subject to lending criteria)
- A no negative equity guarantee
- The right to make voluntary penalty free partial repayments
Calculate how much you can borrow
Our Lifetime mortgage calculator allows you to check how much you can release from your property through a series of simple questions. Our calculator gives an indictive figure based on your responses. An independent equity release advisor will be able to give you a more accurate figure based on your own circumstances and future requirements.
How to use our lifetime mortgage calculator
We will ask a few questions such as your name, age, property value, whether you have an outstanding mortgage, and what you intend to use equity release for.
The amount you can release is based on the total value of your home, your age and your health and lifestyle.
When it comes to equity release there are a few standard eligibility criteria.
Property
Your property must be valued for at least £70,000
Money
The minimum tax-free amount you can release is £10,000
Age
The minimum age for equity release is 55, this is the youngest homeowner
Your health, lifestyle, and certain medical conditions can impact your eligibility.
Things to consider
- The value of your estate will be reduced
- A lifetime mortgage is a loan secured against your property. This means equity in your property will be reduced
- Your state benefits may be impacted. Our Independent equity release advisers will be able to provide you with an independent report showing you the impact releasing equity will have on your state benefits.
Think carefully before securing other debts against your home, you should be aware that you may be extending the terms of your debt and increasing the total amount that you repay
