Lifetime mortgage calculator

Discover how much you could borrow against the value of your home

  • Use our three-step calculator for an idea of the amount you could release
  • We just need some basic details about you and your home
  • There’s zero pressure or obligation afterwards

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 if you are aged 55 or over 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.

How does a lifetime mortgage work?

It’s a long-term loan secured against the value of your home, which you can apply for any time after you turn 55. You’d borrow a cash lump sum, but there are no monthly payments. Instead, interest builds up for as long as you have the mortgage and is charged on the total amount borrowed and the interest already added. This quickly increases the amount you owe.

When you (and your partner, if you’ve taken it out jointly) pass away or need to go into long-term care, subject to our terms and conditions, the loan and any interest that’s built up is paid back – normally using money from selling your home.

You need to know that taking out any type of equity release means you will leave a lower amount behind to loved ones. It may also have a tax impact and affect whether you can still claim certain welfare benefits.

Learn more about our lifetime mortgage with our free guide

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.

Download your free guide Request your free guide

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).

You can choose an inheritance guarantee

When you apply for our lifetime mortgage, you can set aside a percentage to leave to your loved ones by adding an inheritance guarantee. This will be for a percentage of the sale price of your home.

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. 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 can borrow.

These include:

  • 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

Equity Release Calculator

Your results

Based on your current property value of £{0} you could release tax free:

How we calculated this – and what it means

We’ve used your age, property value and address to estimate how much you could borrow if you take out a liftetime mortgage with us. To check if you’re eligible and to get an accurate loan amount, you’ll need to speak to an equity release adviser. They’ll take more details from you which means you could borrow more or less than the amount provided here.

What's the next step?

  • Speak to an adviser

    Based on this information speak to an adviser for free to discuss the process further on:

    0800 141 3493

    • Monday to Friday: 9:00am - 5.00pm
    • Weekends and Bank Holidays: Closed

  • Request a callback

    To find out more about equity release, request a callback. Just fill in your details and we'll aim to give you a call at your chosen time.

    Get us to call you

Equity Release Calculator

Step 1 of 3

Tell us about your property

You need to own a home worth over £75,000. It needs to be in the UK, but not on the Isle of Man or the Channel Islands.

What kind of property do you own?
Tell us about where you live

The property must be your main residence and shouldn't be unoccupied for more than six months at a time.

Tell us a bit about yourself

You need to be aged 55 or older (for joint applications, all applicants must be over 55), and live permanently in your home.

Title

Minimum eligible age is 55

After choosing calculate, you’ll see an estimate of the loan that could be available to you based on the details you’ve given. By providing your phone number you are aware that we may also call you to talk about your estimate and answer any questions you might have about equity release. If you would prefer to call us rather than use our online calculator to get this information you can do so on 0800 141 3493.

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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 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.
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 designed to last for the rest of your lifetime – or until you need long-term care. 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^

0800 141 3493

Monday to Friday: 9:00am - 5:00pm

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.

Request a call back

^ 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.