Equity Release Calculator Range

To understand the maximum you could borrow with a lump sum lifetime mortgage, you simply need to input the value of your property (which must be a minimum of £70,000 and in the UK), the age of the youngest homeowner (which must be at least 55) and your postcode (to understand where you live) – as these are the criteria that lenders use when deciding how much money you can borrow.

Our calculators not only show you how much you could borrow with this type of plan, but you can also see how much money you could get using an enhanced plan (if you have any health conditions) and an interest-only plan (where you make regular interest repayments).

Lump sum lifetime mortgages are one of the most popular type of plan and are sometimes called ‘standard’ plans, as they are the simplest type of scheme. There are typically no monthly repayments to make as the interest accruing ‘rolls up’ and is repaid with the initial amount borrowed when the plan ends. (Usually when the last homeowner dies or moves into long term care.)

Because of their simplicity, these plans tend to offer lower interest rates and lenders often allow you to borrow more. Many now come with flexible repayment options, which can be ideal if you wish to protect your inheritance.

Lump sum lifetime mortgages could also be the ideal solution if you have ‘big ticket’ plans for your money such as repaying your mortgage or helping children with a deposit for their first home.

If you’d like to research the range of lump sum lifetime mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

A lifetime mortgage with interest-only repayments can be calculated by simply entering the value of your property (which must be at least £70,000 and located in the UK). Then you'll need to enter the age of the youngest homeowner(minimum 55 years old) and your postcode (to understand where you live) in order for us to give you a rough idea of how much money you could borrow.

Interest-only lifetime mortgages allow you to make regular interest payments on the money you have released and so tend to suit our customers who have a healthy disposable income.

They are often used to repay existing interest-only mortgages or capital and repayment mortgages where the existing lender won’t extend the mortgage into retirement. They could be an ideal solution to this particular problem because you don’t have to pass any lender affordability checks with a lifetime mortgage.

Or they can simply be used to maximise your inheritance. That’s because by maintaining regular monthly interest repayments, your balance will remain level throughout. So, as long as payments are maintained, when your plan ends, you will only have to repay the original amount released.

If you’d like to research the range of interest-only lifetime mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

In order to calculate your maximum borrowing with an enhanced lifetime mortgage you will need to enter the value of your property (which must be at least £70,000). After that, lenders look for the age of the youngest person that is applying (which must be at least 55 years old) and the postcode (to know where you live) - because these factors determine how much money you can borrow.

Facts show that the number of health conditions increase as we grow older. For this reason, ironically a history of ill-health could actually be beneficial if you’re planning to release equity to help supplement your retirement income, or pay for big ticket items such as home improvements and adaptations.

Simply because having health conditions could allow you to release more money. Using similar underwriting as annuities, life expectancy can also be used to determine the size of your equity release.

Enhanced (or ill health) plans are only available if you have one or more of a range of health or lifestyle conditions. These vary from ones that you may be managing with prescription medication through to serious illnesses.

Making lifestyle choices, such as smoking or having a high body mass index also qualify.

If you’d like to research the range of enhanced lifetime mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

To get an idea of how much you could money you could access with a home reversion plan, you simply need to input the following information into the home reversion calculator; the value of your property (which must be a minimum of £80,000 and in the UK), the age of the youngest applicant (which must be at least 60), your postcode (to understand where you live), the % of your home’s equity you want to release (up to 100%) and whether you are applying by yourself or in joint names – as these are the criteria that home reversion providers use when deciding how much money you can release.

Home reversion plans were the forerunner of today’s modern lifetime mortgages. They have declined in popularity over recent years as lifetime mortgages now offer bigger lump sums and a range of flexible features that can be tailored to meet your individual needs.

That said, home reversion plans could still be an option to consider, dependent upon your property type and if you want to guarantee an inheritance for your loved ones.

If you’d like to research the range of home reversion schemes that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

To determine the maximum loan amount you might qualify for, you simply need to input the value of your property (which may be a minimum of £70,000). Secondly, you must enter the age of the youngest person applying (who must be at least 55 years old), along with your postcode (so that your lender knows where you live) - since these are the criteria lenders use when you apply for a plan.

If you have a single buy-to-let property or even an established property portfolio, you could release equity as a way to raise capital funds.

These specialist plans are designed to help landlords develop their buy-to-let (BTL) property portfolios, which, in turn, could ultimately benefit their tax and retirement planning.

Rather than selling your existing buy-to-let property to raise funds for retirement, thus potentially incurring capital gains tax, landlords are increasingly releasing equity to help mitigate their tax position.

By taking a tax-free lump sum from your BTL property investment, the rental income is unaffected, and the cash could be used to invest in further properties, or for lifestyle purposes as required.

If you’d like to research the range of buy to let lifetime mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

In order to determine how much you might be able to borrow with a second/holiday home lifetime mortgage, you simply need to input the value of your property (which must be worth at least £70,000 in the UK). After that, you need to enter the age of the youngest homeowner (which must be 55 years old) and your postcode as (this is how lenders determine how much you could borrow).

If you have a second or holiday home, you could release equity as a way to raise capital funds.

These specialist plans are designed to help second homeowners access the money tied up in the value of their second property. Where homeowners are sometimes reluctant to secure anything against their main residence, equity can be released against a 2nd home instead.

Just as with any other lifetime mortgage – the most popular type of equity release plan, the money released is tax-free and yours to spend as you wish.

While the range of plans for second and holiday homes is not as extensive as it is for those wanting to release equity against their main residence, there are still plenty of options to meet your individual needs. Additionally, these plans come with competitive rates and flexible features.

If you’d like to research the range of second or holiday home lifetime mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

If you want to figure out how much you can borrow with an income lifetime mortgage, you just have to enter the value of your property (which must be between £100,000 and £4,000,000). Next, enter the age of the youngest applicant (which needs to be at least 55 and no older than 90), your postal code (to pinpoint where you live) and the term over which you would like to receive your income (which can be 10, 15, 20 or 25 years) as this will enable us to give you an idea of the income you could receive.

Income lifetime mortgages are designed to help homeowners aged over 55 to draw a regular income from the equity in their homes, as opposed to the other lifetime mortgage that are available that allow you to borrow lump sums of money.

Income lifetime mortgages are currently only offered by Legal and General, one of the largest lifetime mortgage lenders and their income plans allow you to draw a fixed income from the equity in your home over different fixed periods of time. You can choose to receive your tax-free income over 10, 15, 20 and 25 years.

If you don’t need a large amount of money to pay for one-off expenses and would prefer the security of having a regular income paid into your bank each month, rather like a top up to your existing pension, then an income lifetime mortgage could be ideal for you. Income lifetime mortgages can also be designed to provide a combination of both a lump sum and income if there are requirements for both. One of our expert independent advisers can help in tailoring a plan for you.

If you’d like to research the range of income lifetime mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

To get an idea of the maximum you could potentially borrow with a retirement interest only mortgage – (RIO), you simply need to input the value of your property, the age of the youngest homeowner (which must be typically at least 50) and your postcode (to understand where you live) – as these are some of the criteria that lenders use when deciding how much money you can borrow.

Retirement interest only - RIO - mortgages have been specifically designed to help homeowners whose current interest-only mortgages are coming to an end to carry them forward into retirement. RIO’s can offer an alternative to releasing equity, where disposable income is available to meet regular lifetime monthly payments.

RIO’s work in the same way as an interest-only mortgage, whereby the accruing interest on the amount borrowed is repaid each month, however the main difference is the fact that RIO’s have no end date, or fixed term. As a result, RIO’s and interest-only mortgages differ in the way the loan is repaid. With a conventional interest-only mortgage, the balance is repaid at the end of the term agreed with the lender. With a RIO mortgage, the balance is repaid in the same way as a lifetime mortgage, which is when you die or move into long term care.

RIO mortgages are typically offered by smaller building societies and it’s important to remember that they are residential mortgages. Which means that you must pass the lender’s affordability checks to qualify and your home may be repossessed if you don’t keep up your monthly interest repayments.

If you’d like to research the range of retirement interest only - RIO - mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.

You’ll be able to see the mortgage interest rates, along with their features and any offers from all the lenders across the retirement interest only – RIO - mortgage marketplace.

To get an idea of the maximum you could borrow with a drawdown lifetime mortgage, you simply need to input the estimated value of your property (which must be a minimum of £70,000 and in the UK), the age of the youngest borrower (which must be at least 55) and your postcode (to understand where you live) – as these are the criteria that lenders use when deciding how much money you can borrow.

Your drawdown equity release mortgage calculator results are shown instantly and all in an easy to read table.

Drawdown lifetime mortgages are the most popular type of plan and it’s easy to see why.

Once the lender has determined the maximum they will lend you, this is placed in a ‘cash reserve’ facility with them.

Initially you have to borrow a minimum of £10,000 from your ‘cash reserve’, but then after that you are free to borrow as much as you like and as many times as you want to – until your cash reserve is fully used.

The minimum additional borrowing is typically £2,000, which means you can take smaller amounts for smaller expense items, without having to take more than needed.

There is no additional charge for making withdrawals, but the interest rate charged is the one that is current at the time – which may be different from the interest rate at the time you first borrowed.

Once set up with the lender, the money is usually received in your bank account within in a couple of weeks.

As interest is only charged on the amount you borrow (not on money in your cash reserve), this will reduce the final amount of interest to be repaid if you borrow in a series of drawdowns over time - rather than in one large lump sum.

If you are claiming any means-tested benefits, a drawdown lifetime mortgage may not affect your claim as the amount borrowed could be managed to keep under eligibility thresholds – which your local Equity Release Supermarket adviser will be able to talk through with you in detail.

If you’d like to research the range of drawdown lifetime mortgages that are currently available, then feel free to use our ‘Compare Deals’ functionality which is only available at Equity Release Supermarket.