Equity release calculator for second or holiday home
How to use the second or holiday home equity release calculator
To get an idea of the maximum you could borrow with a second/holiday home 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 second or holiday home lifetime mortgages
If you have a second or holiday home, you could use equity release 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.
Want to compare second or holiday home lifetime mortgages?
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.
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. 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.