Equity release calculator
See how much equity you could release from your home with our simple lifetime mortgage calculator
Equity release calculator
This calculator helps you see how much equity you could release with a lifetime mortgage, a loan secured against your home. We’ll ask you to register your details so we can show you the calculation. You may also receive a call from us to assist you with your enquiry.
Before you start
"I started looking at lifetime mortgages because my younger son was living with me. He’s always wanted to get on the property ladder but has never been in a position to save up enough for a deposit. So, I started investigating to see how I could help him. I spoke to a couple of financial advisers and the name that kept coming up all the time was Legal & General, so I thought well it’s got to be worthwhile talking to them to see what they offer."
- Evadne, Nottingham
Interested in a lifetime mortgage?
A lifetime mortgage is a type of equity release. Find out more about whether you're eligible for a lifetime mortgage, and what sort of lifetime mortgages are available, below.
Is a lifetime mortgage right for you?
A lifetime mortgage is a loan secured on your home. To be eligible for a lifetime mortgage:
- You'll need to be aged 55 (or 50 for a Payment Term Lifetime Mortgage) or over.
- You'll need to be living in (or buying) your own home with either a small or no mortgage.
- Your home must be worth at least £70,000 or £100,000 depending on your property type and product chosen.
- For the Payment Term Lifetime Mortgage you must also pass an affordability assessment.
If you'd like to discuss whether a lifetime mortgage is right for you, call one of our specialists on 0808 301 7044. We'll be happy to help with any questions you might have.
Things to consider
- Interest is charged on the loan plus any interest already added. This means that if you're not servicing any of the interest, the amount you owe will increase quickly over time.
- A lifetime mortgage will reduce an inheritance and may affect your entitlement to means-tested benefits.
- If you give the money away, the recipient may have to pay inheritance tax in the future.
- You may have cheaper ways to borrow money.
- You can stay in your own home and you will never owe more than it's sold for (subject to terms and conditions).
- If you can't keep up your payments on the Payment Term Lifetime Mortgage, as a last resort your home may be repossessed.
Is there a minimum amount I can borrow?
The amount you can borrow using one of our Lifetime Mortgages is based on your age and the value of your home, plus an affordability assessment for the Payment Term Lifetime Mortgage. To help you understand the different limits on our Lifetime Mortgages we’ve outlined the amounts below.
Interest Roll Up Lifetime Mortgage | Optional Payment Lifetime Mortgage | Payment Term Lifetime Mortgage | |
|---|---|---|---|
Minimum initial loan amount | £10,000 | £10,000 | £10,000 |
Minimum amount for additional drawdowns | £2,000 | £2,000 | Additional drawdowns not available. |
Maximum total loan amount | Determined by your age and property value. | Determined by your age, property value, affordability and the length of the payment term. | |
Your adviser will help you choose the right product for you and make sure that you only borrow as much as you need.
Our lifetime mortgages
Interest Roll Up Lifetime Mortgage
If you'd like to take a lump sum, or a series of lump sums, and pay nothing until you die or move into long term care, select this option.
Optional Payment Lifetime Mortgage
If you're aged 55 or over and you'd prefer to take a lump sum, or a series of lump sums, and pay off some or all of the interest, this could be right for you.
Payment Term Lifetime Mortgage
If you're aged 50 or over and you'd prefer to take a lump sum and pay all the interest each month for a chosen payment term, this could be right for you.
Need help?
Making decisions about how to finance your retirement is important so it’s worth making use of the guidance and advice services available.
Retirement guidance
Equity Release Council
Legal & General Home Finance Ltd is a member of the Equity Release Council, a trade body setting standards for providers.
Take a look at their consumer brochure for more details