In both instances, life expectancy is used to calculate the maximum release of equity, or what the lower interest rate will be. If you want the option to release more equity in the future, then an adviser can help you achieve this with a lifetime mortgage. 5 by Feefo.com based on Learn how these lifetime mortgages work. Mortgage borrowing calculator Calculate how much you could borrow as a mortgage for a property you’ll live in, based on your salary or other income, and your financial situation. Find out the maximum you could borrow with a retirement interest only mortgage (RIO) – a residential mortgage, based on income that allows you to borrow on an open - ended basis into retirement. The ‘core’ lifetime mortgage product is a basic roll-up plan, where a lump sum of tax-free cash is taken and typically no repayments are made. Unlike the other loan policies, with the RIO, you only have to pay back the interest (not the mortgage itself) every month. Equity Release Supermarket The capital and interest will not be repaid until the last remaining borrower either moves into long-term care or dies. To understand their features, benefits and risks, please contact Equity Release Supermarket for a no obligation, personalised, key facts illustration. The Maximum Mortgage Calculator is most useful if you: Want to know exactly how much you can safely borrow from your mortgage lender; Are assessing your financial stability ahead of purchasing a property; Would like to compare the impact of different interest rates on the amount you can feasibly borrow. Having said that, many lifetime mortgages now offer the option of month-to-month payments, or voluntary repayments to control the interest accruing. Find out the maximum amount of money you could borrow with equity release. Learn more here. Traditionally, no repayments are made on the mortgage until the death of the last surviving borrower, or their move into long-term care. 4.9 out of Income plans allow you to supplement your retirement income. If you'd like to know more, please ask your provider. Important: The loan amounts above are an illustration of the amount you could borrow. How much can I borrow with a home reversion plan? Learn how they work. Discover how much money you could release across all the available equity release plans. Calls to freephone numbers are free from UK landlines and personal mobile phones. To understand the features and risks, ask for a personalised illustration from a lifetime mortgage company. Drawdown is the most popular lifetime mortgage. Understand what they are and how much you can borrow. The average mortgage lasts for more than 25 years – although they can range from six months to 40 years – during which you'll make monthly repayments. Our Affordability Calculator and Monthly Mortgage Calculator tools are a great way to see how much you can borrow on your current earnings and then how much your new home will cost.. See if we could save you money with a new mortgage deal. Equity release providers have some strict lending criteria, such as a minimum age, which is normally 55 or 60. RIO Mortgages continue into retirement based on income and affordability. Then we’ll work out how much you can borrow by comparing the amount you owe with the amount we could lend you if you were applying for a new lifetime mortgage. Learn more here. Lifetime mortgages are the most popular type of equity release plan. Interest-only lifetime mortgages allow customers to repay the interest and maintain a level balance. The figures are not guaranteed and do not constitute an offer to lend. Here are some of the ways people spend the cash they release from their homes*. The percentage of your property you can borrow against depends on your age; the older you are, the more you can borrow. The amount you can borrow for a mortgage depends on a number of factors. You’ll usually only be able to borrow around four times your annual income. The mortgage is only repayable if the applicants leave the property – so it genuinely can run ‘for life’. I want some flexibility later. How much can I afford to borrow as a mortgage? Loans like this one, of course, come with some restrictions: usually, the minimum amount you can borrow is £20,000 while the maximum amount depends on a number of factors, including (but not limited to) your age, the value of your property and the status of your application. Here is how equity release works and if it is right for you. Unlike a conventional mortgage, which runs for a fixed term, a lifetime mortgage is designed to run for the rest of your life. Income periods of between 10 - 25 years are available to meet your retirement income needs. Use our calculators to find out how much you could borrow, get a quick lending … Require monthly interest only repayments. View Cookies Policy. As the name suggests, a lifetime mortgage works by lasting the course of a homeowner’s life. Learn how they work. Lifetime mortgages are a specialised product designed for people in specific circumstances, and while they can be incredibly beneficial to the right person, they’re not for everyone. Remember, this is purely a guide to the maximum release available. The popularity of lifetime mortgages has increased substantially due to the flexible add-on features these plans can have built into them. Now you know what mortgage you can afford, you’ll quickly get an idea of whether you can afford to buy in a certain area. Calls may be recorded and monitored for training purposes. 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