Compare Lifetime Mortgages for Homeowners Aged 55+
Compare lifetime mortgage plans from the UK's leading providers. It's quick and simple. Find the best rates for your individual circumstances.
Takes about a minute. A specialist will phone you to talk through your options.
- FCA authorised providers
- Homeowners aged 55+ only
- Free, no obligation
- Fast specialist callback
Compare plans from providers including
Discover Your Property's Release Potential
Compare lifetime mortgages from the UK's leading equity release providers, and find out how much tax-free cash may be available to you.
Keep 100% ownership of your home with a lifetime mortgage
Your home stays in your name.
Access tax-free cash
Use it for home improvements, family, debts or to boost your retirement income.
No monthly repayments required with a lifetime mortgage
Interest rolls up and is repaid when the plan ends. Some plans let you make optional payments.
What is equity release?
Equity release is, in a nutshell, a way to unlock the value of your property and turn it into cash which lets you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. The most popular type of equity release is a lifetime mortgage, which is a loan secured against your home. You can release the money you release in a lump sum or in several smaller amounts following an initial lump sum.
To compare the market, cashbacks and maximum releases available from all the UK’s leading equity release companies, complete our simple form.
At a glance
- Everyone on the deeds is aged 55 or over
- Your home is worth £70,000 or more
- It is in England, Scotland or Wales
- A specialist phones you.
Types of lifetime mortgage
A lifetime mortgage is a loan secured against your home. Which type may suit you depends on your individual circumstances, and the specialist will explain the options when they phone you.
Lump sum lifetime mortgage
You borrow a single amount against your home at the start. Interest builds up on the amount borrowed and is repaid when the plan ends.
Amounts depend on the lenderDrawdown lifetime mortgage
You take an initial amount and keep a reserve that you can draw on later. Interest builds up only on the money you have taken.
Take money in stagesInterest-only lifetime mortgage
You pay the interest each month, so the amount you owe does not grow with interest. The loan itself is repaid when the plan ends.
Monthly interest paymentsPlans, amounts and terms vary by lender. Not every plan is suitable for everyone.
What could the money be used for?
It is your home and your decision. Here are some common reasons homeowners aged 55+ look at equity release.
Any existing mortgage must be paid off from the money released, which reduces what is left.
How it works
- 1Answer a few short questionsAbout you and your home. This is not an online application.
- 2A specialist phones youThey will call the number you give, and send you an email, to talk through your options and costs.
- 3Decide in your own timeAdvice is required before you go ahead. Initial advice is free and there is no obligation.
What happens after the phone call?
If you decide to go ahead, the whole process often takes around 4 to 6 weeks. You stay in control and can stop at any stage before completion.
- 1Advice and recommendationA qualified adviser looks at your goals and finances and explains which lifetime mortgage options may suit you.
- 2Paperwork is preparedIf you agree with the recommendation, the adviser puts the application together and sends it to the lender for you.
- 3Valuation and legal workThe lender arranges a valuation of your home, and a solicitor handles the legal side. You will usually need your own independent solicitor.
- 4Formal offerOnce the lender is happy, a formal offer is issued. Take your time to read it with your solicitor and family.
- 5Money is paid outOn completion the money goes into your bank account, either as a lump sum or in stages, depending on the plan you chose.
Some lifetime mortgages allow optional payments to reduce the amount owed later. Nothing has to be paid each month unless you choose an interest-only plan.
Good to know before you decide
Equity release is a big decision. Think carefully and make sure it is right for you.
What many people like
- You keep 100% ownership of your home with a lifetime mortgage
- No monthly repayments are required with a lifetime mortgage
- The money released is tax-free
- You can use the money for what matters to you
Things to think about
- Interest builds up over time, so the amount owed can grow
- It reduces the value of your estate, so there may be less to leave
- It may affect means-tested benefits you are eligible for
- Lender and solicitor fees may apply
- Repaying a plan early can mean an early repayment charge
- The lender will expect your home to be kept in good repair, which can limit major changes to the property
Am I eligible?
Find out in about a minute. Free, with no obligation. A specialist will phone you to discuss your options.
Check my eligibilityWho can apply?
- Everyone named on the deeds is aged 55 or over
- You own your home in England, Scotland or Wales
- Your home is worth £70,000 or more
- You want to release equity. This is not a remortgage or a standard mortgage.
Not available in Northern Ireland, or for park, static, mobile or caravan homes.
Common questions
Will I still own my home?
Yes, with a lifetime mortgage you keep 100% ownership of your home. The loan is secured against your home and is usually repaid from the sale of the property when the last borrower dies or moves into long-term care.
Do I have to make monthly repayments?
No monthly repayments are required with a lifetime mortgage. Interest rolls up over time and is added to the loan. Some plans let you make optional payments, and an interest-only lifetime mortgage lets you pay the interest each month. The adviser will explain how each works.
When is the loan repaid?
Any money released, plus accrued interest, would be repaid upon death, or moving into long-term care.
Can I still leave something to my family?
Equity release reduces the value of your estate, so there may be less to leave. Some plans can set aside part of your home's value for inheritance. The adviser will explain the options.
Will it affect my benefits?
It may. Equity release may affect any means-tested benefits you are eligible for. The adviser will go through this with you before you decide.
Can I release equity if I still have a mortgage?
In many cases, yes. Equity release requires paying off any existing mortgage, so the amount you receive is reduced by what is still owed.
Can I move home later on?
Often yes, if the new property is acceptable to the lender. Many plans are portable, so the loan can move with you. If the new home is worth less, you may need to repay part of the loan. Ask the adviser about this before you decide.
What if I want to repay the plan early?
You can, but many lifetime mortgages charge an early repayment fee, which can be large in the first years. Ask for the exact terms in writing before you go ahead.
Will I need to look after the property?
Yes. The lender needs the home to stay in reasonable condition and properly insured, so there may be limits on major alterations without their consent.
What happens if the home sells for less than I owe?
Plans from providers who belong to the Equity Release Council include a no negative equity guarantee, so you or your estate will never owe more than the value of the home when it is sold.
Do I need advice?
Yes. Advice is required before proceeding with equity release. Initial advice is free and without obligation; an advice fee is only payable if your case completes. Other lender and solicitor fees may apply.
Who will phone me, and when?
A qualified equity release adviser from a partner broker will phone you on the number you give, and send you an email.
I'm under 55. Can I apply?
No. Everyone named on the deeds must be aged 55 or over. If you are looking for a remortgage or a standard mortgage, this service is not for you.
Is it available in Northern Ireland, or for a park or mobile home?
No. This service covers homes in England, Scotland and Wales, and equity release is not available for park, static, mobile or caravan homes.
Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.
Advice is required before proceeding with equity release.
Equity release reduces your estate's value and may affect any means-tested benefits you're eligible for. A lifetime mortgage, which is a loan secured against your home, is the most popular form of equity release and you will still own your home. Think carefully before releasing equity and make sure it’s right for you.
Initial advice is provided for free and without obligation. Only if your case completes would an advice fee be payable. Other lender and solicitor fees may apply. The adviser will provide more details.
There are no fees or charges associated with using this website. The service is free, we do not charge you for this service. Our partner FCA authorised broker pays us an introductory fee only. We do not receive any other payment regardless if you take out a plan or not.