John Lawson
John Lawson
Last Updated: 29 Sep 2020
(Rated from 424 reviews)

Lifetime Mortgage Calculator

equity release calculator

Use the UK’s Best Lifetime Mortgage Calculator & Save

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Every 12 minutes a homeowner over 55 in the UK unlocks £91,667 tax free cash?

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Equity Release Calculator

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The Nitty Gritties of the Lifetime Mortgages Calculator

With the world stumbling into a global economic recession, you could benefit from some extra capital in retirement. Whether that typically means having the holiday of a lifetime, some much-needed home improvements or opening up your restaurant after twenty years slaving for the country’s top chef, having some additional finances in retirement is essential.

One of the most incredible options to help you out, thanks to the Financial Conduct Authority3 (FCA) is the popular lifetime mortgages. The mortgage plan allows homeowners aged over 55 to borrow cash against the value of their estate while still retaining 100% ownership of the house.

If the equity release mortgage4 option is something you might want to consider, then it’s imperative to find out the amount of cash you could get from the mortgage. With that, here’s a comprehensive guide on how to use the lifetime mortgages calculator.

Lifetime Mortgages Explained

As mentioned above, lifetime mortgages are residential loans that are designed for homeowners aged over 55. They allow you to untie the equity tied up in your estate. You don’t repay the loan like other traditional mortgages. With the lifetime mortgages, you repay the mortgage when the last homeowner die or move into a long-term care facility (mostly the retirement homes). When you pass on, the equity release companies put up your house for sale then take up their share of the loan plus interests accrued. The remaining balance then goes to your estate – beneficiaries. It’s crucial to note that most mortgage lenders allow 12 months for the repayment process to be completed.

The lifetime mortgage providers charge you interest on the amount borrowed, and it’s added monthly. The interest you’re charged will compound after that. If you don’t make any payments (like by taking the voluntary repayment plan or interest-only mortgages), your balance will increase for the rest of your lifetime – meaning you’ll have less inheritance to leave for your family.

All lifetime mortgages are governed by the Equity Release Council principles, which include the famous ‘no negative equity guarantee5. The guarantee scheme ensures that you and your heirs won’t pay back more than the initial value of your estate.  The protection only kicks in if the debt ever becomes more massive than the property value.

So, if you’re looking to get some supplementary finances to help you fund your grandchild’s college fees, then this is the best option. However, one might ask, how do you figure out the amount you can get from a lifetime mortgage scheme? Well, here’s all the info you need to know about the lifetime mortgage calculator.

How to Use the Lifetime Mortgage Loan Calculator

If you’re looking to find out the amount of cash you’d get from a lifetime mortgage scheme, then you need to use the lifetime mortgage calculator uk. The equity release calculator will require you to input:

These are the criteria that equity release companies use when determining the total amount you can borrow from your lifetime mortgage.

Some lifetime mortgage providers also require you to input your gender and marital status.

It’s important to note that the equity release calculators don’t only show you the amount you can release with a lifetime mortgage. Still, it can also display the amount you can get from an impaired lifetime mortgage (if you have any medical conditions) and an interest-only mortgage (where you make monthly interest repayments).

Therefore, don’t dive into depression, trying to figure out where you’ll get the funds to pay for your mortgage or help your child clear her student debts. With the lifetime mortgage, you can get tax-free to pay for all these expenses and also have some extra to pay for that much-needed vacation.

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Common Questions

Is a Lifetime Mortgage Worth it?
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Liverpool Victoria
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What People Say

SovereignBoss is perhaps one of the most comprehensive lifetime mortgage portals for one reason: apply and within moments you’ll get connected with the nationwide lenders without any extra work on your part.

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PS – If you’re anything like us, you just skipped to the end anyway.

So here’s the scoop – we are offering to get you the finest estimate for lifetime mortgage from the best companies.

Our intention is to help you through saving money by finding the leading lifetime mortgage provider so that you can spend the money on something that you really want to, rather than on a high tax bill.
 
⚠️(Spoiler**) Most send us a personal thank you because we do such an incredible job – you’ve been warned. ⚠️
John lawson rndlg

John Lawson

John advises business, individuals, and organisations on pension planning. As you’ve probably realised by now, we’re invested in helping people like yourself understand a little bit more about how equity release options work.

SovereignBoss.co.uk is a marketplace connecting consumers with providers/services authorised and regulated by the Financial Conduct Authority (FCA). SovereignBoss Limited is a registered trading name of SovereignBoss.co.uk. It does not provide estimates or sell products/services directly to consumers and is not a licensed agent or broker. For more information read our privacy policy & terms of service. Freephone

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