Lifetime mortgage calculator

A lifetime mortgage lets you take money from the value of your home. Find out how much you could release

What’s a lifetime mortgage?

A lifetime mortgage, otherwise known as equity release, is when you unlock some of the cash that makes up the value of a home you own. It’s a mortgage that’s secured against your property, which lets you release some of the money tied up in your home to spend on whatever you want – except you don’t usually have to make any monthly repayments.

Unlocking some of this equity could help you fund future plans – such as paying for home improvements like a loft conversion or extension, getting rid of a chunk of debt, helping kids get on the property ladder, taking a once-in-a-lifetime cruise or just covering everyday bills.

Selling up completely 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 can stay in your home until you die or go into long-term care (depending on the terms and conditions of your product).

How to use our lifetime mortgage calculator

Our calculator will show you how much money you could release with a lifetime mortgage – all you have to do is tap in your details and choose your age, property type and property value (a rough estimate is fine).

When you take out a lifetime mortgage, you're essentially taking out a long-term loan that's secured against your home. It's normally repaid by selling your home after you've died or gone into long-term care, subject to our terms and conditions.

Is a lifetime mortgage right for you?

Lifetime mortgages aren’t for everyone. It depends on different things like your age, your property value and property type.

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

1) Be 55 or older (for joint applications, both applicants need to 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) Be able to borrow at least £15,000.

4) Be living in your home permanently – it shouldn’t be left empty for more than six months at a time. 

5) Be mortgage-free or have only a small mortgage on your property. If you’ve got any mortgage debt, you’ll need to pay it off using the money you receive.

A few things you need to know

  • 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. 
  • You should speak to a financial adviser before you make your decision. 

Try our lifetime mortgage calculator

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You could release up to

The amount shown is only an indication, and isn't guaranteed. To calculate this amount, we compare your age and property value to our 'loan to value' table. This allows us to work out what percentage of your home's value is available to you.

If you'd like to speak to someone about how much you could release go to our contact section.

Sorry, based on your selection we are unable to provide you with an estimated amount. Call us free on 0800 141 3517 to discuss your options.

How a lifetime mortgage is calculated

If you’re curious about how much you could release, have a look at our online lifetime mortgage calculator above. It’ll take less than a minute to answer a few short questions. The results you’ll see will give you a broad guideline as to how much you might be able to borrow if you meet all the eligibility criteria.

The amount you could release will be based on a number of factors. These include your age (if you own your property jointly with someone else, the youngest age applies), the property type and value, the type of lifetime mortgage you choose, whether you choose to take our inheritance guarantee, your health and lifestyle, and whether you have a flat or a maisonette. If you do have a flat or maisonette, we’ll use 85% of the property value to work out how much can be borrowed.

Get in touch

To find out more about our lifetime mortgage call

0808 239 7608

Monday to Friday: 8:00am - 8:00pm

Saturday: 8:30am - 5:00pm

Sunday: Closed

New customer?

Get in touch to find out if you're eligible for a lifetime mortgage or to book an appointment.

Your call will be answered by a financial advice firm that has been specially selected to provide information and advice on Aviva’s lifetime mortgages. They are authorised and regulated by the Financial Conduct Authority.

For our joint protection, telephone calls may be recorded and/or monitored and will be saved for a minimum of 5 years. Calls to 0800 or 0808 numbers from UK landlines and mobiles are free.

Get to grips with equity release

Find out more about equity release and what it means to take a lifetime mortgage. Decide whether it's suitable for you.