What are lifetime mortgage interest rates?
Using SunLife’s equity release calculator
In just a few seconds, our equity release calculator will give you an estimate of how much money you could release from your home with a lifetime mortgage, the most popular type of equity release. By providing your property’s estimated value, the age of the youngest homeowner, and a few personal details, we can calculate how much equity you are likely to be able to access.
How much equity could you release?
The amount of equity you can release mainly depends on your age and house value.
Because house prices have risen over the years, the equity you have in yours could be significant.
Most people release between 20% and 55% of the equity in their home, typically around £10,000-£100,000.
For example, if your home is worth £250,000 and you released 30% of your equity, you would receive £75,000. If you had an outstanding mortgage of £25,000 then you would have to pay it off but would still have £50,000 to spend how you wish.
You can use SunLife’s equity release calculator free of charge, and it will give you an estimate on how much you could release. If you want a more exact figure, you can call our free helpline at 0800 633 55 66 and our equity release team will be able to assist you.
Who is the equity release calculator for?
You can only apply for a lifetime mortgage if you’re aged 55 or over. If you’re applying as a couple, both you and your partner must be aged 55 or over. You will need to enter the details of the youngest applicant into the calculator. You’ll also need to own a property in the UK worth at least £70,000.
How can SunLife help with equity release?
The SunLife Equity Release Service can check your eligibility and put you through to a qualified financial adviser.
The initial advisor chat is free and there’s no obligation to purchase.
They’ll talk you through equity release plans and answer any questions you have. Just call our friendly, UK-based team free on 0800 633 55 66.
Not ready to speak to an adviser? Don’t worry, we’ve put together a handy guide that can help answer your questions.Request a guide
Could equity release leave my family in debt?
There’s no need to worry. The amount owed will never be greater than the value of your house, so you can’t leave your family in debt with equity release (even if your house falls in value). This is called ‘no negative equity guarantee’. The debt will be repaid from the sale of your home, either when you pass away or move into long-term care.
In fact, you could ringfence some of your home’s value to leave as a legacy. So while you can’t leave your loved ones your property, you could leave them a cash inheritance, just make sure to tell your financial adviser you’d like to do this.
Getting help and advice on equity release
Before making a decision about equity release, it’s important to get advice from an expert, qualified adviser. They can compare plans available to you and advise on what type of equity release would best suit you.
SunLife work with Age Lifetime (an appointed representative of Age Partnership) to provide you with this advice. They will compare plans from across the whole equity release market and will only recommend products sold by providers authorised and regulated by the Financial Conduct Authority (FCA).
They’ll also make sure the provider is a member of the Equity Release Council (ERC).
Our equity release calculator explained
Here’s some simple answers to questions you might have about our equity release calculator:
Our free and secure equity release calculator uses your age and property value to estimate how much you could release with a lifetime mortgage.
Yes. For a personalised calculation, we’ll need a few more details from you.
If you give us a call, we’ll check your eligibility and put you in touch with an expert adviser who can find out the plans and interest rates available to you, as well as how much you could release.
Most equity release mortgage calculators base their calculation on a lifetime mortgage (as this is the most common type of equity release). This is why they’re often called lifetime mortgage calculators.
Online equity release calculators are only able to give an estimate. To get an exact figure, it’s best to give us a call.
You’ll need to speak to an equity release adviser to get an exact cost.
There are initial upfront and long-term costs, which are based on the interest rate you secure.
Our friendly team can put you in touch with expert advisors who can calculate and explain how much it will cost you.
The initial chat with the adviser is completely free. You won’t have to pay anything unless you choose to go ahead with equity release.