![]() ![]() If not, will you be able to clear the existing mortgage on completion of the lifetime mortgage? You can use the funds borrowed towards achieving this. ![]() The property that you want to borrow against must also be worth at least £70,000.Īn adviser will be best placed to inform you of the full eligibility criteria for applying for a lifetime mortgage, but two key considerations to make are:.The youngest homeowner must be aged 55 or over.The only requirements considered by this calculator are that: Responsible provides a trustworthy and expert lifetime mortgage service to those who are interested in progressing their enquiry after using the calculator on this page. If you choose to provide your phone number, a representative of Responsible Equity Release will also be in touch. The calculator will show you an estimate of the minimum and maximum amounts that are available to you.On the next slide, enter your age and the details we need to send you your guide, either by email or by post.Choose how to receive your guide and enter your estimated property value.The lifetime mortgage calculator is quick and easy to use. The estimate provided by the lifetime mortgage calculator is a no-obligation service. Responsible Equity Release is rated 5* on independent review website Trustpilot, and has access to the whole of the market when searching for the lifetime mortgage for you. Usually, this will be achieved with the sale of the home.Ībout the lifetime mortgage calculator The lifetime mortgage calculator is provided by Responsible Equity Release, providers of the Telegraph Media Group Equity Release Service. The total amount, plus interest, is due for full repayment only when the last homeowner either dies or enters permanent long-term care. If you choose not to make any monthly payments, the interest on your lifetime mortgage will accrue on a compound basis. However, you are guaranteed the right to make voluntary payments if you wish and you are encouraged to consider making these to reduce the cost of your borrowing over time. Like a traditional mortgage, a lifetime mortgage is secured against your property. It differs in that there is no requirement for you to make monthly payments. Use the lifetime mortgage calculator now What is a lifetime mortgage?Ī lifetime mortgage is a type of equity release product, designed to enable homeowners aged 55 and over to unlock cash from their homes. You will also receive a free copy of The Telegraph Media Group Guide to Equity Release. Simply enter your age and the estimated value of your home, and the lifetime mortgage calculator will show you within minutes how much you might be able to borrow. Provided by Responsible Equity Release via the Telegraph Media Group Equity Release service, you can receive your estimate in seconds. The free lifetime mortgage calculator on this page can help you to get started with your own research. The product chosen by the majority of these customers is a lifetime mortgage. According to Equity Release Council statistics for the third quarter of 2022, the number of new customers increased by a third year-on-year. Lifetime mortgages continue to grow in popularity among UK homeowners assessing their financial options. ![]()
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