How Much Can I Borrow?
Lifetime Mortgages
With a lifetime mortgage the amount that can be borrowed depends on your age (or the age of the youngest applicant, if there’s two of you) and the value of your property, up to a maximum of 56% of the property’s value. The table below gives an indication of the amount some equity release providers may be prepared to lend.
How much could you release?
Example: Mr Jones is 70 and owns a home worth £180,000. He decides to release some of the equity in his
property to supplement his retirement income, fund home
improvements and replace his car. With a lifetime mortgage plan, he could raise a maximum of £67,500 (37.5%).
| Age |
55
|
56
|
57
|
58
|
59
|
| Max LTV
Available |
21.5%
|
22.5%
|
23.5%
|
24.5%
|
25.5%
|
| Age |
60
|
61
|
62
|
63
|
64
|
| Max LTV
Available |
26.5%
|
27.5%
|
28.5%
|
29.5%
|
30.5%
|
| Age |
65
|
66
|
67
|
68
|
69
|
| Max LTV
Available |
31.5%
|
33.5%
|
34.5%
|
35.5%
|
36.5%
|
|
Age
|
70
|
71
|
72
|
73
|
74
|
|
Max LTV
Available |
37.5%
|
38.5%
|
39.5%
|
40.5%
|
41.5%
|
Source: The Exchange 22/11/2007
Home Reversion
With a Home Reversion Scheme you have the option to sell 100% of your property or only sell part of your
property, for example 25%, 50% or 75%. As a result you will raise less money
than if you sold 100%.
| Example rates kindly supplied by Bridgewater Equity Release | ||||
| Male |
25%
|
50%
|
75%
|
100%
|
| 65 |
£17,392
|
£37,560
|
£57,728
|
£77,896
|
| 70 |
£20,538
|
£43,727
|
£66,916
|
£90,105
|
| 75 |
£23,642
|
£49,818
|
£75,994
|
£102,169
|
| 80 |
£26,505
|
£55,441
|
£84,376
|
£113,311
|
| 85 |
£28,965
|
£60,272
|
£91,579
|
£122,886
|
| 90 |
£30,933
|
£64,138
|
£97,343
|
£129,243
|
| ? | ||||
| Female |
25%
|
50%
|
75%
|
100%
|
| 65 |
£14,889
|
£32,656
|
£50,422
|
£68,188
|
| 70 |
£18,185
|
£39,111
|
£60,037
|
£80,962
|
| 75 |
£21,683
|
£45,971
|
£70,259
|
£94,547
|
| 80 |
£25,101
|
£52,681
|
£80,622
|
£107,842
|
| 85 |
£28,125
|
£58,622
|
£89,118
|
£119,615
|
| 90 |
£30,534
|
£63,356
|
£96,177
|
£127,708
|
| ? | ||||
| Joint M/F |
25%
|
50%
|
75%
|
100%
|
| 65/65 |
£12,895
|
£28,786
|
£44,678
|
£60,569
|
| 70/65 |
£13,761
|
£30,484
|
£47,207
|
£63,929
|
| 70/70 |
£15,955
|
£34,783
|
£53,612
|
£72,440
|
| 75/70 |
£16,935
|
£36,708
|
£56,481
|
£76,254
|
| 75/75 |
£19,319
|
£41,388
|
£63,456
|
£85,524
|
| 80/75 |
£20,373
|
£43,459
|
£66,544
|
£89,630
|
| 80/80 |
£22,762
|
£48,153
|
£73,545
|
£98,936
|
| 85/80 |
£23,817
|
£50,228
|
£76,640
|
£103,051
|
| 85/85 |
£25,981
|
£54,487
|
£82,993
|
£111,498
|
| 90/85 |
£26,952
|
£56,397
|
£85,843
|
£115,289
|
| 90/90 |
£28,713
|
£59,865
|
£91,016
|
£122,168
|
|
Based on Property Value of £180,000 |
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|
Date of birth = dd/mm of calculation Actual amounts will vary depending on exact Date of Birth and date of calculation |
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|
Figures correct as at 13th December 2007 |
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|
Figures are indicative and for illustration purposes only |
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