What’s a lifetime mortgage?
We offer a type of equity release known as a lifetime mortgage. It’s a long-term loan that’s secured against your property, which lets you release some of the money tied up in your home to spend on what matters to you. You can apply for it once you turn 55, and the loan and interest are normally repaid by selling your home after you (and your partner, for a joint lifetime mortgage) die or need long-term care., subject to our terms and conditions.
Unlocking some of this value, or equity, could help you fund future plans – such as paying for home improvements like a loft conversion or extension, helping kids get on the property ladder, taking a once-in-a-lifetime cruise or just covering everyday bills.
Selling up means letting go of a home that might have lots of memories. And renting it out means giving some of it up to someone else. But with a lifetime mortgage, you still own your home – and you don’t have to make any monthly repayments.
Just remember that taking out a lifetime mortgage will mean you can leave less behind to loved ones. It could also affect your tax position and whether you can claim some means-tested benefits.
How to use our lifetime mortgage calculator
Our calculator will estimate how much money you could release with a lifetime mortgage – all you have to do is pop in a few details including your age, property type and property value (a rough estimate is fine).
When you apply for our lifetime mortgage, you can set aside a percentage of the value of your home to leave to your loved ones by adding an inheritance guarantee. The guarantee will be for a percentage of the sale price of your home, rather than a specific sum.
To see how this might reduce how much equity you can release, take off the percentage you'd like to leave as an inheritance from your property value, and put this lower amount into the calculator. You can get a more accurate idea of how this might look by chatting with our experts.
How a lifetime mortgage is calculated
There are a few things that affect how much you could release.
- Your age (or the age of the youngest person if you own the property with someone else)
- The type of home you own
- Your home's value
- Your health and lifestyle
- Whether you have a leasehold on the property
- How you'll take your lifetime mortgage (as one cash lump sum, or a lump sum with a cash reserve)
- Choosing our inheritance guarantee to leave a set percentage of your home's value behind
Lifetime mortgage calculator
Get an estimate of how much tax-free cash you could unlock from your home’s value. It takes three steps and a couple of minutes to complete, with no obligation to do anything afterwards.
You could be eligible if:
- You own a home worth over £75,000 in the UK, excluding the Isle of Man and the Channel Islands
- The age of the youngest homeowner is 55 or over
- You need to borrow £15,000 or more.
Why choose a lifetime mortgage with us?
- We’re an award-winning lender with an award-winning lifetime mortgage
- No separate advice fee to arrange expert advice through us (we’ll pay the adviser commission when you get the loan)
- No negative equity guarantee – never owe more than your home’s value, as long as it’s sold for the best price it can reasonably get
- Safeguard a percentage of your home's value to leave as an inheritance – it just means you can borrow less.
Equity release calculator Step 1 of 3
Is a lifetime mortgage right for you?
Lifetime mortgages aren’t for everyone, and there are a few things you’ll need to tick off before you could even consider taking one out.
To apply for a lifetime mortgage, you'll need to:
- Be 55 or older (for joint applications, both applicants need to be over 55)
- Own a home within the UK (excluding the Isle of Man and the Channel Islands) worth £75,000 or more
- Be able to borrow at least £15,000
- Be living in your home permanently – it shouldn’t be left empty for more than six months at a time
- Be mortgage-free or only have a small mortgage – any remaining mortgage will need to be paid off as a condition of taking out a lifetime mortgage. You can do this from the amount you borrow.
- You’ll leave behind less of an inheritance when you die – so it’s important to let your family know what to expect
- It could affect your tax position and the welfare benefits you’re entitled to
- There are no monthly repayments to make. You'll be building up interest on the amount you borrowed, and any interest that was already added – it's known as compound interest, and it can mount up quickly
- It’s a lifetime commitment. You can end the loan sooner, but you might need to pay an early repayment charge
- There are charges involved in equity release – get to know them before you make any decisions
- You will need to speak to a equity release adviser before you make your decision.
Talk to an expert about a lifetime mortgage
If you want to be sure you're eligible for equity release with us, know the exact amount you could borrow or have any questions at all, there are two ways you can get in touch.
Call us when you're ready^
Monday to Friday: 9:00am - 6:00pm
Weekends & Bank Holidays: Closed
Ask us to call you
Fill in a few details, and our experts will give you a call back within 3 working days at the time of day you prefer.
^ We will arrange an appointment with the Aviva Equity Release Advice team, who can provide information and advice on Aviva’s lifetime mortgages only. Calls to 0800 or 0808 numbers from UK landlines and mobiles are free. For our joint protection, calls may be recorded or monitored, and saved for a minimum of 5 years. Our opening hours may be different depending on which team you need to speak to.
Get to grips with equity release
Take a closer look at our lifetime mortgage to see if it may be suitable for you.
Read more about the equity release we offer whenever you have a quiet moment. We’ve put together a free guide packed with information and answers to the questions people most often ask. You can download an online version right away or ask us to post a copy to your home.
Equity release articles
Taking out equity release isn't a quick decision. We've put together plenty more detail to help you and your family decide if it's the right path for you.