Free equity release calculator - lifetime mortgage estimate
Use our free equity release calculator to get a quick estimate of how much tax-free cash you could release from your home with a lifetime mortgage.
Enter your property value, the age of the youngest homeowner, and any outstanding mortgage balance. You will then see an estimated maximum amount. For a more accurate figure, ask for a personalised illustration.
Understanding equity release
Equity release allows you to unlock some of the value in your home as tax-free cash. The option we offer is called a lifetime mortgage. This is a long-term loan secured against your property and is available to homeowners aged 55 or over. You continue to live in your home and remain the legal owner throughout.
People choose a lifetime mortgage for many different reasons. This might include making home improvements, helping family members financially, enjoying a special trip, or boosting retirement income. Before going ahead, it is sensible to talk things through with your family and take time to consider whether this type of borrowing is right for your circumstances.
The loan, along with any interest added, is normally repaid when your home is sold. This usually happens when you, or the last surviving applicant on a joint plan, pass away or move into long-term care, subject to the terms and conditions of the plan. It is important to be aware that releasing equity will reduce the value of your estate and may affect your tax position or entitlement to means-tested benefits.
Check if you’re eligible for a equity release lifetime mortgage
To be considered for a lifetime mortgage, you’ll need to meet the following criteria:
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You must be aged 55 or over. For joint applications, both applicants must be at least 55.
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You must own a property in the UK (excluding the Isle of Man and the Channel Islands) with a minimum value of £75,000.
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The minimum amount you can release is £15,000.
- You should either own your home outright or have only a small existing mortgage. Any remaining mortgage would need to be repaid, which can usually be done using the funds released.
