Lump sum lifetime mortgage calculator
One of the first questions our customers tend to ask is, “How much money can I release?”.
It’s a perfectly understandable question because without knowing the answer, how can you plan for the future?
To get an idea of the maximum amount you can borrow, you’ll want to use one of our free equity release calculators. Our most popular is the lump sum lifetime mortgage calculator below. We also have a home reversion scheme calculator for you to use as a comparison.
Lump sum lifetime mortgages are the most popular type of equity release 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, lump sum 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.
How much money could I release?
To get an idea of how much money you could release with our lump sum equity release calculator, we only need a couple of details as these are the basic criteria that lenders use. These are -
- The age of the youngest homeowner (who must be at least 55).
- The estimated value of your property (which must be a minimum of £70,000 and in the UK).
- Your postcode.
Your results are shown instantly within an easy to read table.
Not only do we show you how much you could borrow with a lump sum lifetime mortgage, but we also show you 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).
Want to compare lump sum lifetime mortgages?
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.
You’ll be able to see the plan interest rates, along with their features and any offers from all the lenders across the equity release marketplace.
The Lifetime Mortgage results shown in your calculation are only for illustrative purposes and cannot be guaranteed. Figures shown are based on a single life. This is because interest rates are subject to change and can depend on your location and the amount of capital you need to fulfil your personal circumstances. To Understand the features, benefits and risks of a lifetime mortgage, please contact us and ask for your own individual, personalised illustration.