Lifetime Mortgage Calculator
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Are You Looking For A Lifetime Mortgage?
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Embark on a journey to financial flexibility with our lifetime mortgage calculator, designed to unveil the potential hidden within your estate effortlessly. Whether exploring the prospects of a lump-sum lifetime mortgage or delving into a drawdown lifetime mortgage, our lifetime mortgage calculator simplifies the process, allowing you to glimpse at the value you could release without relocating from your cherished home.
Unlock Value In Your Home With A Lifetime Mortgage
Unlocking the value ingrained within your home needn’t be a complex ordeal. A lifetime mortgage offers a pathway to accessing your property’s worth without the necessity of moving. Navigate the potential with our user-friendly lifetime mortgage calculator, offering a clear view into your equity release options, and step confidently towards financial enrichment with tailored guidance from Jones & Young.
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Jones & Young: The Lifetime Mortgage Experts
At Jones & Young, we are the experts in equity release and lifetime mortgages. Our equity release brokers can assist you in securing a lifetime mortgage that will enable you to live life to the fullest. Our free lifetime mortgage calculator will help you to understand how much value you could release as a tax-free lump sum. Speak to a financial adviser today to learn how you could borrow money from your estate for anything, from home improvements to paying for your long-term care.
Negative Equity Guarantee
You might hesitate to explore a lifetime mortgage because of the risk of negative equity. This is when the value of your estate falls following the equity release, and you end up owing more than your property is worth. We can help you find a lifetime mortgage with a negative equity guarantee to protect you against this risk.
Committed to Your Success
Our team will go above and beyond to help match you with the right mortgage provider for your needs. As a specialist equity release broker, we take the time to get to know your unique situation before offering recommendations. If you have certain health conditions that you are worried will prevent you from securing a loan, our financial advisers can help you explore a wide range of options.
To Get The Best Mortgage Available, Chat With An Experienced Lifetime Mortgage Adviser Now!
Our team of specialist mortgage brokers can connect you with the right lifetime mortgage product for your needs. As a whole-of-market broker, we can give you an overview of the best products available to you, allowing you to choose the rate and terms that work for you. We’ll ensure you are informed every step of the way so you understand how much interest you will pay, how to pay interest, and how the equity release process can impact other things, such as your means-tested benefits.
Using our free equity release calculator today? Why not book a call to discuss the next steps in your equity release journey?
How Do You Calculate Equity Release?
The amount of equity you can release from your home will depend on the age of the youngest applicant:
AGE OF YOUNGEST APPLICANT
A lender will first consider your age or the age of the youngest borrower if the mortgage is in joint names. For joint applications, both borrowers need to be over the age of 55. As this is a mortgage product designed for later life, you will be able to access more of the equity in your estate as you get older. However, other factors will impact how much equity you can access.
VALUE OF YOUR HOME
Your property value during your application will be essential for the calculations. Your home must be worth at least £75,000 at the time of your application. Other factors could impact how much you can borrow, including if you own a new property or an older property, the condition of the property, and the type of property. Most lenders will also want to know if you have a freehold or a shorthold property.
TYPES OF EQUITY RELEASE
There are different equity release lending options available that will impact how much you can borrow. You can release tax-free cash in a lump sum or access the release in smaller amounts, known as a drawdown. The latter is a popular form of equity release as it will reduce your tax burden. Other options include choosing an “interest payment” option, which will protect you if the interest rate rises.
YOUR HEALTH
One final factor that lenders will consider is your health and wellness. This mortgage option lets you release equity from your home until you either pass away or move into long-term care. Your health will, therefore, play a role in deciding how much you can release. Certain health conditions will make you eligible for an enhanced equity release product.
Mortgage lenders will typically allow you to release between 20% and 60% of the value of your home. This will allow you to access a lump sum without monthly interest repayments. Your age, value of your home, property type and health will all be taken into consideration.
20% to 60% Equity Release
Most lenders will offer a lifetime mortgage between 20% and 60%.
Secured Loan
Unlock the value of your property without having to move home.
Communication
We’ll keep you informed and empowered every step of the way.
Award Winning Service
Lenders and borrowers alike trust us to offer expert advice.
Specialist Rates
We offer competitive rates, ensuring the best price for our customers.
Helping Customers Get The Most From Their Property Value
Jones & Young is not a mortgage provider. We are the mortgage broker, acting as the essential bridge between specialist lenders and borrowers looking for the best possible deal.
Jones & Young acts as the bridge between contractors and mortgage companies that can help them. Many lenders only deal with brokers like us, meaning a wider choice of available options.
Industry-leading advice
Excellent rates from a wide range of lenders
Clear and simple communication with no jargon
Experience The Jones & Young Difference In Mortgages
At Jones & Young, we understand the unique challenges faced by securing a lifetime mortgage. Our dedicated team specialises in navigating the lifetime mortgage landscape, ensuring you have the best shot at not only gaining approval but also securing the most favourable rates.
What Are the Criteria for a Lifetime Mortgage?
Looking at the criteria for a lifetime mortgage, one must typically:
Be at least 55 years of age (though some lenders might demand an older age).
Own and inhabit a property valuated at a certain threshold (often above £75,000), which could possibly be endorsed by the Equity Release Council.
Ensure the property is in satisfactory condition and situated in the UK.
Possess ample equity in the property or estate.
Demonstrate a stable income or sufficient savings to manage potential interest payments across the loan’s term.
Additional considerations like credit history, health status, and existing financial commitments may also permeate a lender’s assessment.
Get started With Jones & Young
Ready to unlock value from your property today? Get in touch with our friendly and supportive financial advisers today to learn more about the equity release product. We’ll ask you questions about your property and plans to help match you with a lifetime mortgage perfect for those in later life. You don’t have to sell your property and say goodbye to a lifetime of memories to enjoy the benefits of your estate. Whatever your circumstances, we can help you to navigate the next steps.
Do You Have Any Questions?
Got questions about mortgages? Jones & Young are here to help! Contact us for expert advice tailored to your unique needs. Let’s secure your ideal mortgage today!
Clients Speak: Real Success Stories With Jones & Young
Lifetime Mortgage FAQs:
Find the answers to the most common questions about lifetime mortgages and equity releases below:
What is The Maximum You Can Borrow On a Lifetime Mortgage?
The amount you can borrow on a lifetime mortgage, even on a holiday home, is contingent upon the age of the youngest applicant in instances of a joint lifetime mortgage, safeguarding your lifetime mortgage right. Starting at 27% from age 55, the borrowing cap increases up to 56% from the age of 86 while typically hovering around 50% of your property’s value, although this can fluctuate depending on the lender and existing mortgage considerations along with other circumstances.
What is The Typical Interest Rate On a Lifetime Mortgage?
The interest rate on a lifetime mortgage can vary depending on the lender and your individual circumstances. It is typically a fixed rate for the duration of the loan, but it can also be variable. On average, the interest rates for a lifetime mortgage range from 3% to 6%, but this may also depend on factors such as age, property value, and chosen product.
Remember that no monthly repayments will be required for this mortgage type, as the interest will be collected when your property is sold. The lender will own your property after you pass away or the youngest homeowner passes away. They will recoup the value of the loan secured against the property and then distribute the remaining amount. It’s possible to protect some of the value of your home for your family.
Will I Still Own My Home If I Take Out a Lifetime Mortgage?
Even after taking out a lifetime mortgage, you preserve full ownership of your home, retaining the right to reside in and maintain the property as per the norm. The lender will merely sustain a legal charge over the property, asserting their right to claim the agreed amount when the loan is repaid, often after the property’s sale.
What Happens to My Home When I Die or Move Into Long-term Care?
Upon passing or transitioning into long-term care, your lifetime mortgage will be settled through your property’s sale. If safeguarded by a guarantee assuring a percentage of the final sale price, subsequent equity will be allocated to your beneficiaries. Absent a guarantee, the remaining equity will revert to your estate. In instances of long-term care entry, the property’s sale might be deferred until your permanent departure or passing.
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