The factors that determine how much you can borrow are:
As people get older the amount they can borrow increases, some lenders will consider health conditions to increase the amount that can be borrowed, whilst other lenders will use health conditions to reduce the interest rate.
Mortgages can be paid back either interest or interest and capital, just like a conventional mortgage.
The minimum you can expect to borrow in good health at age 55 is (20%) of the house value, the maximum you can borrow is just over half (54%). As a rough guide for each year older, you become the amount you can borrow increases by 1%.
On a house valued at £100,000, this means borrowing of between £20,000 and £54,000
On a house valued at £200,000, this means borrowing of between £40,000 and £108,000
If you have an Equity Release mortgage and you cannot make payments, the payments are made for you by the lender who just adds the interest to the loan, you will not get repossessed because of the lack of money to make mortgage payments.
If you'd like to know more, click here to discuss your options with our team.
Property wealth for the over 55’s is more than £365 billion pounds
Our advisors have Certificate of Mortgage Advice and Practice (CeMap) and (CeRER) Certificate of Regulated Equity Release products. These are UK recognised qualifications.
By submitting this form and based on your requirements you agree to be contacted by an FCA authorised Equity Release advisor.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
The details of financial services and products published on this site are for information purposes only and do not constitute financial advice.
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