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Equity release calculator

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Your lifetime mortgage results

Based on this information, you could release between: £10,000 - £

You may be able to take this as a lump sum, or in smaller instalments as and when you need them.

Any remaining mortgage you have on your property will need to be repaid using the money you release.

Remember, this is just an estimate and the amount you actually release may be different.

What next?

If you'd like more information on Equity Release, try our easy guide. You can also find out if you’re eligible online.

Find out more

 

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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.

SunLife have partnered with Standard Life Equity Release to provide equity release tools. Standard Life Equity Release is a trading name of Key Retirement Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. More information on how we use and secure your data is in our privacy policy.

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 60% 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.

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.

Could equity release leave my family in debt?

IF your equity release plan is offered by an Equity Release Council member and confirms to their standards, there is no need to worry. They guarantee 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.

Be aware that Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.

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.

Our equity release calculator explained

Here’s some simple answers to questions you might have about our equity release calculator:

1. How does it calculate how much I can release?

Our free and secure equity release calculator uses your age and property value to estimate how much you could release with a lifetime mortgage.

2. Why is it called a 'lifetime mortgage' calculator?

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.

3. How much does equity release cost?

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.

Businesses in the Phoenix Group will receive a financial benefit from Businesses in the Key Group from the sale of each Lifetime Mortgage or other financial benefits where a customer uses any service provided by businesses in the Key Group.

Understanding equity release

If you’re thinking about equity release, you’ll want to understand how it works and what it means for you. Have a look at our latest articles – they’re a great place to start.