Try our free equity release calculator for interest only lifetime mortgages
How to use our interest only equity release calculator
It couldn't be easier to use our interest only calculator for equity release. To get an instant estimate of the maximum you could borrow on an interest only lifetime mortgage, simply add in the following to our equity release calculator:
- The value of your property (this must be a minimum of £70,000 and in the UK)
- The age of the youngest homeowner (they must be at least 55 years old)
- Your postcode
With our equity release calculators, only your property details are required for you to see how much you could release from an interest only lifetime mortgage. Once you’ve filled in the information, your interest only equity release calculator results are shown instantly in an easy-to-read table.
You can also find personalised calculations for all other eligible equity release plans when you use smartER, an innovative equity release tool that provides real-time calculations across the entire market.
An introduction to interest only lifetime mortgages
Interest only lifetime mortgages allow you to make regular interest payments on the money you have borrowed and so tend to suit our customers who have a good disposable income.
These equity release plans 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. Interest only lifetime mortgages could be an ideal solution in this situation because you don’t have to pass any lender affordability or income checks.
They can also be used to maximise your inheritance once your plan has ended. By maintaining regular monthly interest repayments, you’ll stop interest from compounding meaning your balance remains level throughout the term. So, as payments are maintained, you will only have to repay the original amount borrowed once your plan ends.
How to compare interest only lifetime mortgages
Looking to compare interest only deals? You can research the range of interest only lifetime mortgages currently available to you using our compare deals functionality – a tool that’s only available at Equity Release Supermarket.
You’ll be able to view all available interest only lifetime mortgage interest rates, along with detailed features and offers from all lenders across the equity release marketplace. Alternatively, try our free intelligent smartER equity release research tool, which allows you to conduct your own research on interest only plans across the whole of the later life market.
Looking to see how much you could release from your property with a different equity release plan? Take a look at our equity release calculator page to receive an estimate for all your eligible equity release plans.
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 an interest only lifetime mortgage, please contact us and ask for your own individual, personalised illustration.