Calculate The Best Interest Only Lifetime Mortgage Interest Rates
The range of interest only lifetime mortgage interest rates is set to grow further in 2025 due to the level of demand from homeowners seeking financial freedom to choose their own mortgage repayments.
Compare Lifetime Mortgages With Our Experts!
Author- Paul Murphy
Later Life Finance Limited.
Interest Only Lifetime mortgage calculator
Our interest only lifetime mortgage interest calculator tools provide our experts with the means to dive down into detailed reports.
We can show you the benefits of making regular interest payments to your lifetime mortgage, and how this will affect your estate.
Later Life Finance are experts in flexible lifetime mortgages, which include the increasing range of interest only lifetime mortgages, which we compare as part of our advice service to secure you the best possible deal.
We provide a complete lender research service, including:
- Interest only lifetime mortgage payment projections
- Detailed analysis of regular, ad hoc and lump sum payments
- Graphs showing how interest payments effect your remaining equity and the impact on inheritance tax
Understanding how your preferred mortgage repayments can impact on the interest costs will help you decide whether a lifetime mortgage is suitable for your requirements.
You may be wondering if lifetime mortgages are a good idea and if they are suitable for your needs.
To compare the top 10 equity release companies, we have reviewed and listed the best lifetime mortgage providers to help you compare your options, including lender features, such as downsizing protection, voluntary repayments and more.
What are the best interest only lifetime mortgage interest rates?
The options with interest only lifetime mortgage interest rates is growing each year, but what are the best rates from the range of interest only lifetime mortgages available?
Several lenders, including Standard Life, More to Life and Pure Retirement are now providing discounted interest rates for paying a percentage of the monthly interest.
For example, paying 100% of the interest will result in the highest discount on the interest rate available.
Options for paying 50% and 75% of the interest are also available to provide flexible and affordable options.
Get in touch for a personalised quotation based on your preferred monthly interest payment figures, which will ultimately dictate the interest rate available.
Later Life Finance are an FCA authorised mortgage broker for your peace of mind. We are also a member of the equity release council, of which lifetime mortgage plans have full protection from the councils codes of conduct.
Crucially, you cannot default on the payments with an interest only lifetime mortgage, meaning if you cannot meet the monthly payments you have the option to ‘roll up’ the interest if desired.
If you are wondering how much equity can I release from my home, our experts can guide you through your options.
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- Lifetime mortgages allow homeowners over 55 to borrow against your home with the option to make voluntary repayments to preserve more of your equity. (Payments are optional).
- No income or affordability checks to qualify, and takes around 8 weeks to arrange a lifetime mortgage. We have access to the best UK equity release companies to help the process run smoothly with expertise and service.
- The money is repaid at the end of your lifetime from the sale of your home.
- To check your eligibility and how much equity you can release, try our free equity release calculator
- Borrow between 20% and 50% of your home’s value, depending on age; enhanced mortgages available for those health problems.
- Negative equity guarantee for Equity Release Council members, which ensures you and your estate are fully protected. Martin Lewis mentions this when recommending how to safely choose a lifetime mortgage provider.
- Possible to move home and take the lifetime mortgage if moving to a suitable property
- Drawdown plans available to stage the borrowing over the coming years, providing more flexibility
- Get professional advice to understand if a lifetime mortgage is suitable.
Get your free lifetime mortgage calculation...
Summary
Our free equity release calculator provides instant results. In order to provide you with an accurate calculation your age and estimated property value are required.
Any personal details provided are confidential and not shared with third parties.
Our expert equity release advisers will provide detailed interest projections and illustrations for your consideration.
Your adviser will check if an equity release product is suitable and explain how much equity you are eligible for and compare the market to ensure you secure the best solution.
They will also explain how the lifetime mortgage interest may affect the remaining equity in your home and they should recommend you discuss your plans with any family members, if appropriate.
To find out how much equity you can borrow with a lifetime mortgage, request a call back for a detailed illustration.