Use our free equity release calculator and find out how much you could get, how much will equity release cost, and how often you’ll be able to cash in based on your individual circumstances.
In the UK, a homeowner over 55 unlocks £91,667 tax-free cash every 12 minutes.
Lump-sum lifetime mortgages,1 (the most popular type of equity release plans), offer you access to a portion of the equity that has built up in your home in the form of a lump sum.
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Typically, you can get between 20% and 50% of the value of your home. Nevertheless, this is determined based on:
- The age of the youngest borrower
- Your property’s value
- Your medical condition
The equity you can release is dependent on:
- age of the youngest borrower,
- current property value,
- whether you have any pre-existing health issues.
You should, initially only take what you need. Remember that there’ll be consequences to drawing more than you need.
If you need money in regular, ongoing installments, some schemes allow you to withdraw money in set installments, rather than all at once.
Each plan is different. However, you need to be aware that most plans use compound interest, which can escalate.
The percentage of your property that you can borrow against will depend on your age (the older you are, the more you can borrow).
At 65, for instance, you can usually borrow 25% to 30%. If you’re, however, older, you can borrow as much as 50%.
There are also minimum mortgage amounts – which can range from £15,000 to £50,000.
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