Royal London has chosen to introduce its customers to the experts at Royal London Equity Release Advisers. They will provide advice on equity release products from across the whole market and will make a recommendation to you based on your personal circumstances. You will not receive advice or any recommendation from Royal London. The information on this page has been provided by Royal London Equity Release Advisers to help you understand more about releasing equity.
The Lifetime Mortgage calculator
The calculator from Royal London Equity Release Advisers will show you an estimate of the amount you could release from your home with a Lifetime Mortgage, the most popular type of equity release product.
Like any other mortgage, a Lifetime Mortgage is a loan against your home. However, where it differs is that it is for long-term borrowing, with payments being optional. The full amount plus accrued interest is only due to be repaid when the last homeowner has died or entered long-term care. This is usually achieved with the sale of the home.
How to use the calculator:
To provide this estimate, the calculator will ask you to do the following:
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Enter the age of the youngest homeowner, an estimate of your property’s value, and choose how to receive your guide.
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Input the details required to send the guide by your chosen method.
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Include your name and the best telephone number for the Royal London Equity Release Advisers Information Team to contact you on.
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Your estimate will instantly appear on the screen.
In as little as 2 minutes, you could see an estimate of the minimum and maximum amount that could be available to you.
A Lifetime Mortgage is an advised product, meaning you can’t have one without speaking to a qualified adviser first. This calculator will also put you in touch with the Royal London Equity Release Advisers Information Team, who can answer your questions and help to get you booked in with an adviser when you’re ready.
What might the calculator show you?
Let’s take the example of a home worth £150k. Across a variety of ages, these are the figures you might see:
| Age | Min release | Max release |
|---|---|---|
| 55 | £10,000 | £36,225 |
| 65 | £10,000 | £55.500 |
| 75 | £10,000 | £72,450 |
| 85 | £10,000 | £79,530 |
How is the amount you can borrow calculated?
The maximum amount you can release is mainly impacted by the age of the youngest homeowner and the estimated value of your home. To put it simply, the older you are, the more you could potentially release.
These are the main points that the Lifetime Mortgage calculator will look at. However, there are some other factors that will be explored further with the help of an adviser:
- Medical terms – if you have a long-term medical issue, some lenders may offer enhanced product terms. This could be in the form of a lower interest rate or allow you to borrow a higher amount.
- Lender policies – different lenders will have different product criteria, so there may be different minimum and maximum releases.
Key things to know
- Releasing equity with a Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits.
- Payments are optional but your adviser will explore the potential costs and provide you with a personalised illustration.
Talk to the experts
If you’re interested in learning more about Lifetime Mortgages, use the calculator on this page and get in touch with Royal London Equity Release Advisers. They can help to answer your questions and arrange for a free initial advice consultation.
Speak with the team
Give the Royal London Equity Release Advisers Information Team a call for a no-obligation chat about your equity release options.
If you prefer, you can book an appointment with the team online and request a call back at a time that suits you.
Start your application
If equity release feels like the right choice for you, the Royal London Equity Release Advisers team will check if you're eligible before helping you to book an appointment with an equity release adviser.
Your adviser can then help to start your application and answer any questions you have along the way.
Get in touch with the Royal London Equity Release Advisers Information Team
0800 023 9315
Mon to Fri: 9am-8pm. Sat: 9am-5pm, excluding bank holidays.
Alternatively, if you prefer, you can ask for the Information Team to call you back.
Royal London Equity Release Advisers is a trading name of Responsible Life Limited. Responsible Life Limited uses Royal London branding under licence from Royal London Marketing Limited. “Royal London”, the “Royal London logo” and “Royal London Equity Release” are registered trade marks of The Royal London Mutual Insurance Society Limited. Royal London Marketing Limited and The Royal London Mutual Insurance Society Limited do not provide regulated mortgage advice.
Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 610205. Registered in England and Wales under company number 07162252. Registered office: Princess Court, 23 Princess Street, Plymouth PL1 2EX.
Responsible Life Limited is a wholly owned subsidiary of the Royal London Group who may benefit if you choose to take regulated mortgage advice. Being a wholly owned subsidiary of the Royal London Group does not alter Responsible Life Limited’s regulatory responsibilities.
If you choose a mortgage with required payments during your lifetime then your home may be repossessed if you do not keep up with the payments. Borrowing with a Lifetime Mortgage or Retirement Interest-Only Mortgage will reduce the value of your estate. Receiving a cash lump sum may also affect your entitlement to means-tested benefits. Think carefully before securing other debts against your home.
To understand the features and risks, ask for a personalised illustration. Your adviser will talk through the setting up costs of a mortgage. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,690.