No Obligation Free Online Mortgage Quote
Speak To A Expert Mortgage Borker Today

Equity release mortgage calculator

Calculate the amount of money you could unlock from your home.

Free no obligation, equity release calculator.


You could release up to

£

This is an indicative figure only and the actual amount you could borrow will depend on your individual circumstances.


What is Equity Release?

Equity release is a mortgage option to release the cash that is tied up in your property whilst you live there. You can take the money you release as a lump sum of cash or in smaller amounts.

Your equity is the percentage of your home that you own outright. It’s the difference between the amount left to pay on your mortgage and the property’s market value.

The most common type of equity release plan is called a lifetime mortgage, which is available to homeowners who are in later life aged 55 or over and is a secured mortgage taken out against your home which allows you to unlock tax free equity. A lifetime mortgage is an interest only lifetime mortgage, no repayments are paid until you die or need to move into long-term care.

Lifetime Mortgage - How will I receive the money?

When releasing equity in your home through a lifetime mortgage you can take the cash that has been released in two ways. A one-off lump sum payment or smaller amounts, with a cash reserve you can draw from when needed. Lifetime mortgages are a popular mortgage option for freeing up cash in later life as most people’s biggest asset is their home. So, whether you want to release equity to help a loved one purchase their first home or even some disposable money for that dream holiday in retirement, equity release is a practical way of accessing tax free cash.

equity release - get the most our of retirement with Equity Release
Get more out of retirement with Equity Release.


Lets discuss your options

If your thinking of releasing equity from your home speak with a member of the Amber team to discuss your options.

Contact Us

What can equity release be used for?

With a sudden cash injection can give your budget the room to breathe and enjoy your retirement in a number of ways

Pay off an existing mortgage

No longer pay monthly instalments for your mortgage, by changing an existing mortgage with a lifetime mortgage.


Release cash for home improvements

Fund the home improvements you have always wanted, which could also add further value to your home.


Helping your family financially

By gifting equity now rather than in form of an inheritance can help your family immediately, the cash could be used to help a family member purchase their first property or just see them change their lives for the better.


Disposable income

Have you been planning that dream holiday for when you retire or just want some extra breathing space financially in later life, then releasing equity in your home could be a possible option?


How to release equity from your home – Lifetime Mortgage

Here at Amber mortgage solutions we offer the best lifetime mortgage options which is a form of equity release, and is a great way to unlock the value of the home you live in as tax free money, you can use as you wish and is a great way of planning for retirement.

The amount of equity in your home is based on how much your home is worth and home much you owe on your mortgage, so even if your mortgage isn’t fully paid off you can still take advantage of equity release by changing to a lifetime mortgage instead.

How does a lifetime mortgage work?

A lifetime mortgage works by borrowing money secured against your home, provided that the property is your main residence. The property the mortgage is secured against remains yours and nothing is repaid until you die or move into long term care.

It is important to remember that equity release will reduce the amount of inheritance you can leave and may also alter your tax position.

If your considering equity release our team of specialists based in Southend on Sea can advise you of the best way to release equity in your home. Call us on 01702 619 221 or visit our office.

Am I eligible for equity release?

Your eligibility for equity release will depend on if you own a property in the UK and its value. You must also be 55 or over (or the youngest if a couple) and if you meet these criteria you could be eligible for equity release.

If equity release is taken out jointly, whether you are married or in a civil partnership, your partner will have the right to live in the property for as long as they want should you pass away or move into long term care.

How to apply for equity release - lifetime mortgage?

To apply for a lifetime mortgage, you'll need to:

  1. Be aged 55 or older (for joint applications, all applicants must be over 55).
  2. Own a home within the UK (excluding the Isle of Man and the Channel Islands) worth £75,000 or more.
  3. Borrowing at least £15,000
  4. The property you are securing the lifetime mortgage against is your main residence
  5. You have no mortgage, or if you have a small amount left to pay off then you still may be eligible for equity release and the cash received can be used to pay off the rest of the mortgage debt.


Lets discuss your options

If your thinking of releasing equity from your home speak with a member of the Amber team to discuss your options.

Contact Us

Lifetime mortgage - That dream holiday can become realtiy with a lifetime mortgage
That dream holiday can become reality with a lifetime mortgage.

How much equity could I release?

The amount of equity you can release from your home ranges from 20% up to 50% of the property value. However, this depends on your age and the value of your home. Usually the older you are, the more equity you can release.

Releasing equity tied up in your home involves taking out an equity release mortgage. Therefore it’s not a decision to make lightly and should be considered as part of your overall financial planning needs. For example, if you have savings or investments, you may think about using these funds first.

How to apply

Do you want to find a mortgage but are worried about how your poor credit score may impact your chances? more information here.


1

Speak with our advisors

If your considering releasing equity in your property through a lifetime mortgage, our team of specialists will run through all the benefits and risks of a lifetime mortgage and advise which plan is best for you and your family.

2

Discuss your options

It is always best to discuss your options and details of a lifetime mortgage with your family.

If you decide to proceed you can complete the application form with a member of our team.

3

Complete application

Once your application is complete and has been reviewed by a member of the team we can then confirm the amount you can borrow.

Once the application is signed you will then receive the money through your solicitor.

Frequently asked questions

Have a question about equity release and how to get a lifetime mortgage?

Take a look at our extensive FAQ section for the answers to some of our most commonly asked questions, below.

All equity release products are regulated by the FCA. With a lifetime mortgage you will always own your home and any increase in property value.

This a common fear of equity release, but the answer simply is NO. You will always retain the right to sell your property and leave it to who you wish. All equity release lifetime mortgage schemes are regulated by Financial Conduct Authority.

If you have a lifetime mortgage and wish to move, you can transfer the mortgage (debt) to a new property.

Yes, although the amount of inheritance left will be reduced due to the amount of money that has been unlocked and spent through a lifetime mortgage.

No, all of our Lifetime mortgage plans are backed with a “No negative equity” guarantee, meaning that the total that you owe can never exceed as much as your home is worth.

The lifetime mortgage is usually repaid from the sale of your house upon death, or if it is a joint lifetime mortgage when the remaining applicant dies or moves into long term care.

You do not need to own your property outright to qualify for equity release, although the amount you could borrow may be affected.

A common misconception of equity release lifetime mortgages is that you will no longer own your home. With a lifetime mortgage you can rest assured that you will always be the homeowner.

None at all, the money can be received tax free in a lump sum or in smaller payments and can be used how you wish.

No, all the money received from a lifetime mortgage is tax free.

A lifetime mortgage is a type of equity release and is the product that falls within it. Another type of equity release is called Home Reversion and can be used to fund long term care, but only if you stay within your home.

Latest News