Retirement Mortgage Calculator (Oct 2021)

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Try Our Retirement Mortgage Calculator for Oct 2021

Discover now how much cash you can unlock with our FREE retirement mortgage calculator!

You could be sitting on a goldmine and not even know it. Believe it or not, but if you’re a property owner, you could have the opportunity to live a financially stress-free retirement.

We’ll help you discover:

  • An introduction to retirement mortgage products.
  • How to use our FREE retirement mortgage calculator.
  • How your lender will calculate the amount you can borrow.

Guess what! We’re here to be your ultimate guide. At SovereignBoss, our expert team constantly keeps up-to-date on the latest trends in the retirement mortgage industry.

Now, let’s take a look at how our calculator can help you in Oct 2021, right now.

What is a Retirement Mortgage Calculator & How Do You Use It?

Our retirement mortgage calculator is designed to give you an accurate overall estimate of how much equity you could be entitled to unlock through a retirement mortgage product. The calculator will work out the maximum you could be set to release from your home.

The whole process takes just 8 seconds!

Firstly, you’ll need to provide an estimated value of your property, followed by a few personal details.

I’ll team will then email your quote. It’s that simple.

In addition, you’ll receive a FREE telephonic consultation with one of the expert advisers at Age Partnership, one of the leading companies in the industry.

Take note: The calculator provides an estimate based on industry standards. Your final offer will be based on a detailed and up-to-date valuation¹ conducted by your lender.

An Introduction to Retirement Mortgages

Retirement mortgage is an umbrella term for all forms of later-life financial mortgages available in Oct 2021. Therefore, this calculator will give you a broad sense of how much cash could be available, but it could differ depending on the product you select.

Retirement mortgage products include:

  • Equity Release
  • Hybrid equity release products
  • Retirement repayment mortgages
  • Retirement interest-only mortgages

Once you have your estimate, it’s ideal to contact a whole market independent financial adviser² who’ll aid you in finding the best product to suit your and your family’s needs.

Most retirement mortgages require you to be 55 or older (this may differ from one product to the next), and your property value must be at least £70,000.

How Will a Retirement Mortgage Lender Calculate the Amount I Can Borrow?

Your lender will consider the following criteria to determine how much equity you can borrow against the value of your estate:

  • The age of the youngest homeowner. In general, the older you are, the more you can borrow.
  • The value of your estate.
  • The condition of your property.
  • In some cases, the condition of your health.
  • If it’s a loan that requires repayment, you will be subjected to affordability checks.³

Mortgage Calculators for Pensioners with Bad Credit

Great news!

If you have a history of bad credit, it’s still worthwhile to try our retirement mortgage calculator.

While you’re likely to struggle to get an RIO or retirement repayment mortgage, you can still qualify for equity release.

With equity release products available in Oct 2021, the house serves as collateral for the loan. In addition, you’re under no obligation to pay the loan, plus interest, during your lifetime.

Therefore, many lenders won’t bother to consider doing credit checks, giving you some equity release options.

Finally, equity release can be used to pay off those nasty debts that you’re struggling to get rid of. You can finally relax and enjoy your retirement, stress-free.

Got Questions? Check These First

How Much Can You Borrow with the Retirement Mortgage Calculator?

How Do You Use the Retirement Mortgage Calculator?

In Conclusion

There are so many retirement mortgage products available on the market that can give you the means to enjoy the rest of your life. If you’re cash strapped, over 55, and a homeowner, you’ve got some serious options.

Once you’ve received your estimate via email, you should contact an independent financial adviser who can assist you in preparation for your retirement.

Take a look at the types of equity release to help you decide if these products could be right for you and your family. It’s never too late to prepare for your future.

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

How Much Can You Release?

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Equity Release Calculator

Value of Your Home?

50000

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100% Secure & Fast. Takes Just 8 Seconds.

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It's VERY FAST, takes just 8 seconds

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
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I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
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Margaret Doyle
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I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
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How Much Can You Release?

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How Much Can You Release?

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Equity Release Calculator

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rachel w

Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Written by
Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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Equity Release Calculator

Value of Your Home?

50000

Drag me

100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch