Why use the calculator?
Get an instant estimate of how much tax-free cash you could unlock by providing your age and property value
Receive a free guide to later life lending via email and through the post, so that you can learn more about all of the options available to you
To find out if equity release could be right for you, Royal London have partnered with later life lending specialists Responsible Life. They have provided the equity release calculator below for you to use. You'll get an estimate of how much you could unlock with a Lifetime Mortgage in minutes, plus a free guide to later life lending.
Frequently asked questions about equity release
Who is equity release for?
An equity release product could be the right choice for you if you:
- Are at least 55 years old
- Want to borrow at least £10,000
- Own or want to purchase a home worth at least £70,000
- Are able to clear any existing mortgage on your property, either using the equity released or additional funds.
What products are available?
If equity release is the right option for you, Responsible Life will advise only on Lifetime Mortgages. This is because you retain full ownership of your home with this product unlike other equity release products such as home reversion plans.
All Lifetime Mortgages recommended by Responsible Life will be from a pre-selected range of the most suitable products. This range is representative of the whole market, includes both Lump Sum Lifetime Mortgages and Drawdown Lifetime Mortgages, and offers exclusive rates and flexible features.
How do I pay back what I owe?
There are no required repayments with a Lifetime Mortgage. Interest rolls up over time and the total amount owed is paid back after the last homeowner dies or enters permanent long-term care. Usually, this is achieved with the sale of the home.
You can make voluntary payments during your lifetime to mitigate the impact of interest roll-up, but there is no requirement to do so.
What are the risks?
A Lifetime Mortgage will reduce the value of your estate and could affect your entitlement to means-tested benefits. An adviser can provide a personalised illustration, so you can fully understand the features and risks.
How much does it cost?
There are several costs that could be involved when considering this product option. As part of the application process, consider whether there will be related fees in having the property valued, costs charged in the engagement of a solicitor, and an application fee charged by the lender. If purchasing a property, then potential stamp duty and conveyancing fees should also be within your thoughts.
When enquiring through our Later Life Lending Service, there is also the advice fee to bear in mind. The advice fee charged will depend on the product that you choose and the complexity of your case, but the provider of our service, Responsible Life, guarantee that it won’t exceed £1,690. By charging a capped rate as opposed to a percentage of the amount borrowed, you won’t pay more simply for wanting to borrow more. The advice fee can be paid with existing funds, or you can choose to add it into the amount borrowed.
Our Later Life Lending Service
Royal London is customer-owned, so you can trust that your needs are at the heart of everything we do. We take pride in offering choice and have made sure that our partners work as hard as we do when it comes to providing the very best service.
We have chosen to partner with specialist broker Responsible Life to deliver the Later Life Lending Service. They have years of experience and success in helping their customers to consider their financial options and use their property to achieve their goals.
Talk to our partner Responsible Life
Got a question about your later life lending options? The UK-based Responsible Life team are here to give you the information you need so that you can be sure you choose the right solution for you.
Lines are open Monday to Friday, 9am to 8pm and Saturday, 9am to 5pm, excluding bank holidays.
Or if you prefer, you can schedule an appointment for the Responsible Life Information Team to call you back.
Royal London have chosen Responsible Life to provide our customers with advice on Later Life Lending products. The Royal London Mutual Insurance Society Limited has a 30% shareholding in Responsible Life and Responsible Lending (Responsible Group) and are part of the same group under FCA disclosure rules.
If you take out a product recommended by Responsible Life, Royal London Marketing Limited will receive a fee, for this introduction, based on a percentage of the eventual loan. If you would like further details about this fee, Responsible Life will be able to provide you with this. More information about Responsible Life and how your information is processed is available on their privacy notice. Find out how Royal London manages your personal data.
Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority, registration number 302391. Registered in England and Wales number 4414137. Registered office: 55 Gracechurch Street, London, EC3V 0RL.
Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205. Responsible Life's registered office is: Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. Registered in England & Wales. Company number 716225