What is the calculator for?
Use this calculator to work out the maximum amount of equity you could release from your property, based on the value of the property and your age. The calculator helps you see how much equity you could release with a lifetime mortgage, which is a loan secured against your home.
A lifetime mortgage is a form of equity release which allows homeowners aged 55 or over to borrow money from their home while continuing to live there.
The calculator and commentary is for general interest only and must not be relied on. It may not be up to date or complete, relates only to certain types of residential property and does not constitute advice. If your property is worth more than £5 million please contact us directly, as there may be a more bespoke solution available to you. Please speak to us for help and advice relating to your specific financial circumstances.
How much equity can I release?
This will depend on your age and the value of your property. Use our calculator to find out or contact us.
What is a Lifetime Mortgage?
A Lifetime Mortgage is the most common form of equity release. The loan has an indefinite term, and interest can "roll up" on top of the loan, so that you don't have to make any monthly payments. The loan plus interest is paid back from the sale of the property when the youngest borrower passes away or moves into permanent care. You can pay the interest each month if you prefer, or make adhoc repayments. Contact us for more information about how these mortgages work.
How much will Equity Release cost me to arrange?
The costs involved will depend on your needs and circumstances, but may include a valuation fee, solicitor's fees, a fee to the lender we recommend to you, and an advice fee. We will disclose all of the fees to you before you decide to go ahead, and an initial discussion with us is completely free.
What type of interest rate should I expect when I take out a Lifetime Mortgage?
Lifetime Mortgage rates are typically fixed for life. Interest rates are at an all-time low (August 2020).
Is Equity Release safe?
The Equity Release market is safer today than it has ever been. All providers have signed up to the Council’s four product standards. The FCA’s regulations make sure your adviser is properly qualified to give you advice, gives you the knowledge and information you need, and informs you of all the pros and cons. It may be that Equity Release is not the right solution for you. One of our strengths at Knight Frank Finance is that we have access to the broadest range of property finance, which ensures we find the most appropriate solution for your needs and circumstances.
Can I use Equity Release to buy a new home?
Yes you can. We have helped a number of clients buy their new home with the help of a Lifetime Mortgage.
I am under the age of 55. Can I use Equity Release?
Equity Release is available for those aged 55 and above. If you are outside of this age bracket, there may be other financial solutions for you. Why not have a look at our mortgage services page to see how else we can help you? Or you can get in touch with us.
I am over the age of 90. Can I use Equity Release?
Your options may be more limited, but please contact us directly to see how we can help you.