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Equity Release Calculator
 
Age of the youngest applicant?
All equity release quotes are based on the applicant's age. If this is a joint application, please provide the age of the youngest applicant.
Sorry! You must be between 55 and 100 to qualify for Equity Release. Sorry! You must be between 55 and 90 to qualify for Equity Release on a Holiday/Second Home or Buy to Let Property.
 
 
Value of your property?
Please provide the approximate value of the property being used to apply for equity release.
£
 
 
Property type:
Are you releasing equity in your own home, a holiday home/second home or an investmet property?
 
 
 
Mortgage balance on property?
Please provide details of any remaining mortgage balance on the property being used to apply for equity release.
£
 
 
Other charges on property?
Please provide details of any other charges remaining on the property being used to apply for equity release.
£
 
Would you like to:

Roll Up - No need to make payments, interest added to loan and paid at the end

Pay Monthly - You pay the monthly interest charges each month by direct debit

You can choose to repay the interest monthly or have the monthly interest added to the loan (rolled-up).
Please select either 'Rollup' or 'Pay Monthly' interest.
 
Which plans would you like to see?
You can choose to repay the interest monthly or have the monthly interest added to the loan (rolled-up).
Please select either 'Rollup' or 'Pay Monthly' interest.
The amount that you can borrow under a medically enhanced plan will depend on the type and severity of your medical conditions.
EQUITY RELEASE
CALCULATOR
No personal details required
Results are instantly displayed on screen

Find out how much you could raise with an equity release lifetime mortgage

Our easy to use calculator will help you to quickly discover:

  1. The maximum amount that you can raise
  2. The interest costs involved
  3. How the interest rates charged will change with the amount borrowed
  4. How the different interest rate bandings work

Using our lifetime mortgage equity release calculator

All you need to do is enter the estimated value of your property, the age of the youngest owner of the property, the type of property being used as security (main home or investment property) and our calculator will work out how much you could raise. You will also be asked for the amount outstanding on any existing lending against the property, such as a mortgage, as this will affect the net amount of equity that you can release.

The results are instant, and unlike other equity release calculators, you do not have to provide us with any personal or contact details. Therefore, we won’t be making any irritating sales calls or sending emails and text messages to you.

Just call us if you think that a lifetime mortgage might be for you, and if you require further information or a personalised detailed quote.

All lenders vary, so as independent lifetime mortgage brokers, we will always look for the best deal possible, which is most suited to your needs.

Medically Enhanced
You can raise up to
£
On a 'Maximum Release Plan' To see illustrations, please select any of the options below
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Bespoke Plan
Your Preferred Amount
Apply Online
Request Callback
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Lifetime Mortgage Calculator - no personal contact details required

Why use our lifetime mortgage calculator?

  • It's fast, easy to use, and the results are displayed instantly.
  • We don’t ask for any personal details other than your age and we don’t capture any information that you enter. After all, we’re not sales people, we are finance specialists.
  • Borrowing less than the maximum amount means you can access better interest rates, so we show you quotes for three different loan amounts to illustrate this. (This only applies to borrowing on main residences, not buy to let properties or second homes, as there is less available choice at the moment for these properties)
  • Interest rates are fixed throughout the term of lifetime mortgage facilities.

Step by step guide to using our lifetime mortgage calculator

1. Enter the age of the youngest property owner - They will need to be at least 55 to be eligible for equity release.

To take out a joint application you need to be either married, in a civil partnership or in a long term relationship where you live together.  With a joint application, if one of you passes away or moves into long term care, the other partner can remain in the property.

2. Property value - this needs to be the open-market value of the property if it were sold today.

3. Property type - the type of property will affect the amount of equity that you can release. Enter whether this is:

  • your main home
  • a second or holiday home
  • a buy to let investment property.

4. Mortgage balance - enter the outstanding balance of any existing mortgage that you currently have on your property.

5. Standard or medically enhanced - Select whether you would like to look at standard plans or medically enhanced plans. Medically enhanced plans may allow you to borrow more if you have certain health conditions.

6. Other charges - enter the total balance(s) of any other outstanding loans that you have secured against your property.  This could be a secured loan, a bridging loan, or a business loan.  You should also enter details of any other debts secured against your property, such as mortgage arrears.

We do not ask for your contact details in order to provide your results.

The calculator results explained

Once you click the calculate button, you will instantly see details of some of the options available to you.

Our online calculator is designed to provide you with an accurate as possible guide. However, as everyone's circumstances vary, the calculations are based on our most popular options and will provide you with information on:

      1. The maximum amount that you can borrow based on your age and value of the property being used as security.
      1. The interest rates involved and how these change depending on the amount you intend to borrow. Our calculator illustrates where the maximum loan amount bandings are for the different changes in interest rate.
      1. Illustrations of how much interest is charged each year, and in total, based on a loan running up to 15 years. The calculations also take account of the compounded interest for the popular Roll Up Interest options.

You can enter any loan amount between £25,000 and the maximum based on the value of your property and age, and our calculator will display the total interest costs for each year up to 15 years.

Interest rates for the lifetime mortgage options are fixed throughout the loan term

Different repayment options

Roll-up Interest - Under a roll-up interest plan you won’t need to make any monthly repayments for the duration of the loan. The interest will be added to the original loan amount, normally on an annual basis. Unless you repay the loan early, the interest that has accrued, along with the original loan amount, will be deducted from the sale of the property when you either pass away or go into long term care.

Interest Only - Under an interest only plan you can repay all, or a proportion of, the interest each month. This will reduce the overall cost of the loan as the interest won’t build up each month and reduce or eliminate any compound interest charges.

If you pay the full interest amount each month, the repayment at the end of the loan term will just be for the original loan amount.

What is a medically enhanced lifetime mortgage plan?

If you have certain medical conditions or lifestyle factors such as smoking, then you may be able to borrow a larger amount under a medically enhanced lifetime mortgage plan.

Lifetime mortgage lenders will take your health and lifestyle into consideration when you apply for a loan facility, and some will offer larger loan amounts to those who have a shorter life expectancy.

This works on the basis that the lender will expect to be repaid sooner.

The impact on the maximum amount you can borrow with medically enhanced plans can be substantial, and the younger you are, the more significant this could be.

Lifetime mortgage plans with cashback

Some providers offer plans with cashback. This is an extra lump sum, on top of the loan amount, which you will not have to pay interest on.

The cashback is yours to use as you wish, however, it may be the perfect way to pay for the setup costs for your lifetime mortgage facility.

Some providers will offer a fixed amount, regardless of the amount that you are borrowing, but some providers will offer a percentage of the amount released. This could be somewhere between 2% and 5%.

If this is something that you are interested in then make sure you mention this in your initial enquiry with us as we will be able to recommend providers that offer cashback facilities.

How property location and construction effects lifetime mortgages

Location

If you live in mainland England or Wales then you will have access to all the equity release plans available.

However, options may be reduced if you live in certain parts of Scotland or Northern Ireland based on fewer providers lenders in these areas.

Construction

If your property is not of a standard construction (bricks walls and tiled roof), then this may affect the number of equity release plans available to you.

This is because, in most scenarios, the sale of your property will be the repayment method for the facility, so the lender needs to have confidence that it will be sellable in the future.

Lifetime mortgages in Scotland

We are able to provide lifetime mortgages to borrowers who live in Scotland, however there are fewer lenders that operate in certain areas of Scotland so there may be a reduction in the number of equity release plans available.
This may have an effect on the interest rate and maximum loan amount offered.

Lifetime mortgages in Northern Ireland

There are currently limited lenders who operate in Northern Ireland for equity release, so this may affect the interest rate and maximum loan amount offered.

Additional Information

Criteria for a second / holiday home

To qualify as a second / holiday home the property must:

  • Be available for the sole occupancy of the owner
  • Only let out for a maximum of 4 weeks at a time
  • Be occupied by the owner for a minimum of 4 weeks during the year

Criteria for a buy to let / investment property

To qualify as a buy to let the property must:

  • Not be occupied by the owner at any time
  • Be let out with an Assured Shorthold Tenancy agreement

Equity release and lifetime mortgage questions

How much equity can I release?

The amount you can borrow depends on the value of your property and your age (if it is going to be in joint names, then it will depend on the age of the youngest borrower). The older you are, the more you can borrow. Some products allow an extra 1% loan to value (LTV) with each additional birthday.

It is probably worth mentioning here that if you borrow the maximum amount available, you will likely be paying a higher interest rate. Sometimes borrowing a little less can have a very significant and favourable impact on the interest rate. To demonstrate this our equity release calculator will provide you with three quotes illustrating the different bandings and interest rates.

What is the difference between Pay Monthly and Interest Roll Up options?

Interest is charged on a monthly basis, whichever type of equity release product you look at. The difference is that with pay monthly (serviced) products, you pay the monthly interest amount charged each month, just as you would pay an interest only mortgage. The amount of debt with these products remains the same throughout the term of mortgage, as you are repaying the interest charges.

Interest Roll Up means that you do not make any monthly payments, leaving the interest to be added to the mortgage facility each month. Interest is calculated on the new higher debt figure each month, so in effect you end up paying interest on interest (compound interest). This may suit a lot of people who want to maximise the amount of money they have to live on each month. The amount of debt will grow, but since we only use lenders who are members of the Equity Release Council, you can be assured that you will never leave the property in the situation of negative equity.

Is Equity Release expensive?

At the moment, interest rates range from 2.4-6.3%. If you borrow the maximum amount available to you then you are likely to pay around 6%. However, borrowing just a little less can make a big difference to the rate, so our calculator will provide 3 quotes for different loan amounts, to illustrate how the amount you borrow can affect the interest rate.

How long does equity release take?

Currently we are finding the average case can take between 6-8 weeks. If there is a reason why you would require funds sooner than this, talk to us about it and we will see if it is possible.

Can I do Equity Release on a Buy To Let property (BTL) or a second home?

Yes, it is possible. However, there is less choice of provider when not releasing equity from your own home. Our calculator will only provide one answer for each quote for BTLs and second homes (whereas there are three given if it is your own home being used as security).

Will doing Equity Release effect my entitlement to means tested benefits?

Doing Equity Release can affect your entitlement to benefits and age related income tax allowance. As part of your application process, we will check using specialist software specially developed for this purpose, that doing equity release will not have a detrimental effect on any benefits you receive.