Equity release calculator for interest-only plans
How to use the interest-only equity release calculator
To get an idea of the maximum you could borrow with an interest-only 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.
An introduction to interest-only lifetime mortgages
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.
Want to compare interest-only lifetime mortgages?
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.
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 Interest-Only Lifetime Mortgage results shown in your calculation are only for illustrative purposes and cannot be guaranteed. 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.