Unencumbered Mortgages For Over 55s

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Very good
Michael Dilucia
Michael Dilucia
My equity release application had been rejected 3 times when I was referred to Peter at Later Life. He was extremely thorough, patient, friendly, and knowledgeable. He helped us with every step of the application and explained everything clearly and patiently. We finally succeeded in getting the equity release we wanted. I cannot recommend them highly enough. Their service goes above and beyond. Very happy customers!
Sherry Izadi
Sherry Izadi
Paul has been a rock throughout the most traumatic time of my life. His patience has been endless as I was clueless about my financial complications after the death of my husband. I recommend his services to anyone out there needing his advice and guidance.
Hazel Franklin
Hazel Franklin
Paul Murphy was superb in sourcing and arranging my lifetime mortgage and his professionalism was second to none. I would recommend him without reservation.
Tony Holloway
Tony Holloway
Paul did a first class job helping me secure a great rate for my equity release proposition. I like the idea of equity release but at the right rate Paul was competitive and at the expense of his own commission made it happen. I really felt I was the focus not him. The big firms with the fancy marketing were almost twice as much in terms of all- important compound interest. I highly recommend Paul, he works for you, not 'them'. I also felt safe with the solicitors he recommended, they too sent a first class guy who was a pleasure to work with. Equity release is not cheap, it's vital that people like Paul work for your best interest (pun intended). What price can you place on the latter peace of mind having financial security brings. Highly delighted.
Mike Murray
Mike Murray
We have used Paul's services twice in just over a year. Initially it was to change provider as better interes rates were available. On the annual review it transpired that no early repayment charges would be levied. Being a Yorkshire man l searched for best rates, providers and advisors and it was back to Paul. I have no loyalty where money is concerned but transparency, knowledge and reliability are paramount. That's exactly what we got. Good service, excellent communication, expedience and saved money. Second time around not even a direct fee to pay for the service. Another provider did come up with an option however their fees were somewhat prohibitive, when l brought this to their attention they offered to slash the fee. Not good practice. So after all the waffle. I have no reservations in recommending Paul's services.
Anthony Grey
Anthony Grey
We had reservations about Equity Release plans and approached a number of leading companies. Glad we settled with Paul Murphy and Responsible Life. He was patient and personable and guided us through the process. We received a most professional service, never felt under pressure. The plan is now in place. Excellent communications throughout. No hesitation, would highly recommend Paul. Jw.
Jeffrey Wade
Jeffrey Wade
A truely excellent service from Paul. From the moment we made contact with Paul he provided clear balanced advice supported by any documentation we asked for. We researched the market at the same time, independently, and it was evident Paul was offering a very competitive product that met our needs exactly. Paul’s speed of communication was outstanding, by e mail or phone, and we literally had replies within minutes. An extremely professional and friendly service and we were delighted Paul secured the deal we wanted. We wouldn’t hesitate to recommend Paul’s expertise, advice and resultant product suggestions to anyone considering these financial products. Thank you!!
Priors Bob
Priors Bob
Brilliant service from this company! Paul was so helpful all through the process and made everything so simple to understand! Thank you Paul, you are a star! Would definitely recommend!
Alice Froggatt
Alice Froggatt

Table of Contents

Table of Contents

Author Paul Murphy-Updated September 2023

If you are considering unlocking the value in your unencumbered home, start your journey and make an educated decision on releasing equity from your home with Later Life Finance.

We arrange flexible later life mortgages for the over 55’s, including retirement and lifetime mortgages, which encompass equity release mortgages with flexible drawdown schemes and the freedom to male repayments to the mortgage on a voluntary basis. 

The next step is speaking with our qualified experts to understand which equity release interest rate, plan and lender suit your specific requirements, such as current and longer-term plans.

In this comprehensive guide, we’ll explore various types of calculators, the factors that affect unencumbered mortgage calculations, and the importance of seeking independent advice when navigating the world of equity release.

So let’s dive in and discover how to get an accurate estimate with an unencumbered home mortgage!

Man using an equity release calculator to calculate later life mortgages and finance

Short Summary

  • Our unencumbered mortgage calculators provide an estimate of the money available from a property, considering factors such as age, health and lifestyle.

  • Compare unencumbered mortgage deals to help understand your options with percentages of lending available on these later life mortgages.

  • Compound interest and lifetime mortgage calculators are useful tools for financial planning decisions, we provide detailed illustrations to help you compare options. 

  • Independent advice should be sought through qualified advisers. Later Life Finance provide a lifetime mortgage broker service to ensure you secure the best terms for your requirements.

Using an unencumbered mortgage calculator: how it works

equity release calculator without personal details How it Works with house model and graph

Unencumbered mortgages allow you to release tax free cash from your property based on factors like age and property value.

There are several types of calculators available to suit different products, each designed to help you navigate the complexities of taking equity release, lifetime mortgages, equity release interest rates, and other aspects of the equity release process.

With these calculators, you can gain a better understanding of your options, ensuring that you make the most informed choice possible.

Unencumbered Mortgage calculator

Our mortgage calculators provide homeowners with the facility to calculate how much equity you can release via lifetime and retirement mortgages.

These lifetime mortgages are the more flexible option and provide the over 55’s with the facilities to raise tax free cash from your home without any mandatory monthly repayments , but still providing the option of making voluntary repayments which can help reduce the effect of compound interest.

Later Life Finance have access to market leading equity release mortgage calculators and research tools which provide figures based on age, health and property value.

How much equity can I release with unencumbered mortgages & what percentage?

If you’re a homeowner aged 55 or over, you may be able to release between 23% and 50% of the value of your home using an equity release lifetime mortgage. We explore the points to consider below.

Factors affecting unencumbered mortgage calculations

When using an equity release calculator, it’s important to consider factors that can affect the amount of money you can release. These factors include:

  • Your age

  • Property value

  • Health

  • Lifestyle

Equity release lenders offer various different rates and terms, which is why it’s critical to compare your options and understand how these factors can influence the final amount you receive from equity release.

It’s important to take the time to research and compare different equity release lenders to ensure you’re getting the best possible deal.

Accessing a reliable unencumbered mortgage broker

To find a reliable equity release broker, look for reputable providers and financial institutions that offer these tools on their websites. Later Life Finance are an independent broker. 

By using a reliable broker, you can get immediate quotes for the cash lump sum you may receive without having to divulge any personal information.

Book your preferred date and time for a call back below. We provide whole of market comparison without any obligation. 

Unencumbered mortgage compound interest calculators

A compound interest calculator is another useful tool when considering equity release with unencumbered mortgages, as it helps you estimate the growth of your savings and investments over time. By understanding how compound interest works, you can gain insights into how your savings or investments might perform in the future and make more informed decisions about your financial planning.

Interest compounding calculators, which use the compound interest formula, can help you understand the potential growth of your savings account and investments over time by considering the compounding period on unencumbered mortgages. 

Unencumbered mortgage lifetime mortgage calculator

A lifetime mortgage calculator is designed to estimate the amount you can borrow through a lifetime mortgage based on your age and property value. By using this type of calculator, you can get an idea of how much money you can potentially release from your home and compare different loan options to see which one best suits your needs.

With a lifetime mortgage calculator, you can easily compare different loan options and determine which one is right for you.

Unencumbered Interest only lifetime mortgage calculator

An unencumbered interest-only lifetime mortgage calculator is another valuable tool that helps estimate the amount you can borrow and the interest payments required. 

This type of calculator can provide you with an accurate estimation of the amount you can borrow and the monthly payments you’ll need to make, helping you decide if an interest-only lifetime mortgage is the right option for you.

It can also help you understand the potential risks associated with this type of mortgage, such as the risk of foreclosure.

Types of Equity Release Products

When considering equity release, it’s important to understand the two main types of products available: lifetime mortgages and home reversion plans. Each type of product has its own set of advantages and disadvantages, and understanding these differences can help you make the most informed decision about which product is best suited for your individual circumstances.

It is important to research the different products available and to speak to a qualified financial advisor.

Lifetime Mortgages

A lifetime mortgage is a loan secured against your property, with the amount borrowed and interest repaid when you die or move into long-term care. This type of equity release product allows you to:

  • Access the value in your home without having to sell it

  • Provide you with additional funds to meet your financial needs

  • Retain ownership of your property

It is important to consider the implications of taking out a lifetime mortgage, as it is a long term mortgage.

Home Reversion Plans

Home reversion plans, on the other hand, involve:

  • Selling a portion of your property to a provider in exchange for a lump sum or regular income

  • Retaining the right to live in your property

  • No longer owning the portion of the property that has been sold

This can be a suitable option for some homeowners, depending on their individual needs and circumstances.

Interest Rates and Equity Release

Interest rates play a crucial role in the equity release process, as they impact the overall cost of the product and the amount of inheritance left for beneficiaries. Understanding the different rates and how they can affect your equity release product, is essential when making an informed decision about whether to proceed with this type of financial arrangement.

Fixed vs. variable rates

Fixed interest rates remain constant throughout the duration of your loan, providing a predictable repayment plan, whereas variable rates can fluctuate over time based on market conditions. While fixed rates offer more stability and certainty, variable rates can result in either higher or lower payments, depending on the market. Lifetime mortgages offer lifetime fixed rates of interest for long-term stability.

It’s essential to weigh the potential benefits and drawbacks of each type of interest rate when considering an equity release product.

Looking For An Equity Release Calculator Without Providing All Your Personal Details?

an older couple using an equity release calculator without providing personal details

Are you looking for equity release figures without providing all your personal information? 

Later Life Finance provide access to a full range of equity release calculators without providing your personal details. 

Simply call 0800 2465228 and speak to our experts for advice and calculations without having to divulge all your personal information. 

Setting aside a percentage of home value

One option for safeguarding your inheritance is to ring-fence a percentage of your property’s value, ensuring that your beneficiaries will receive a portion of your estate upon your death. This strategy allows you to access the funds you need through equity release while still providing for your loved ones in the future.

Equity release can be a great way to access the funds you need while still providing for your financial future by partnering with a reputable equity release lender.

Preserving equity for an inheritance is an important consideration when taking out an equity release product. There are several strategies you can employ to ensure that your loved ones receive a portion of your estate, even if you decide to release equity from your property.

In this section, we’ll explore two such strategies: setting aside a percentage of your home’s value and opting for joint lifetime mortgages.

Making voluntary repayments

One option for safeguarding your inheritance is to ring-fence a percentage of your property’s value, ensuring that your beneficiaries will receive a portion of your estate upon your death. This strategy allows you to access the funds you need through equity release while still providing for your loved ones in the future.

Equity release can be a great way to access the funds you need while still providing for your financial future by partnering with a reputable equity release lender.

The Importance of Independent Advice

Seeking independent advice is crucial when considering equity release, as it helps you weigh the risks and benefits associated with this type of financial arrangement. In this section, we’ll discuss the importance of finding a qualified adviser and understanding the role of the Equity Release Council, a trade body that promotes high standards and consumer protection in the equity release industry.

The Equity Release Council is a not-for-profit organisation that sets out a code of ethics.

Finding a qualified adviser

To find a qualified and experienced adviser, consider exploring directories or professional organizations that list equity release specialists, such as the Equity Release Council member directory. Obtaining recommendations from friends or family members who have used an adviser for equity release can also be helpful.

A qualified adviser can help you navigate the equity release process and ensure you make the most informed decision possible.

Understanding the benefits of the Equity Release Council

The Equity Release Council is a UK-based trade body that represents over 700 companies involved in equity release mortgages. Their primary aim is to uphold high standards and provide consumer protection within the equity release industry.

By following their guidelines and working with a financial adviser who is a member of the Council, you can ensure that you receive the highest level of service and support throughout the equity release process.

Additional Costs to Consider

equity release calculator with a lifetime Mortgage application form with a calculator and model of a house.

In addition to the amount released, it’s important to consider other costs associated with equity release products. These may include adviser fees, solicitor fees, and provider fees.

Understanding these additional expenses can help you make a more informed decision about whether equity release is the right financial solution for you.

Adviser fees

Financial advisers may charge fees for providing equity release advice, which can vary significantly between lenders. These fees may be charged as a flat fee or a percentage of the equity released.

Be sure to discuss any fees upfront with your adviser so you can budget accordingly and make the most informed decision possible.

Solicitor fees

Solicitor fees are charged for providing independent legal advice and ensuring that homeowners understand the equity release contract. These fees can vary depending on the complexity of the case and the amount of work involved.

It’s important to factor in these fees when considering equity release to ensure you have a complete understanding of the associated costs.

Provider fees

Provider fees may include valuation fees and fixed fees, which may be added to the sum released with interest charged. These fees can differ between providers and may also include charges for advice, solicitors, surveyors, and lenders.

Be sure to consider these additional costs when evaluating your equity release options.


In conclusion, unencumbered mortgages can be valuable tools in helping you estimate the amount of money you can release from your property, as well as understanding the various factors that can affect calculations. By exploring different types of calculators, seeking independent advice, and considering additional costs, you can make a more informed decision about whether equity release is the right financial solution for you. Remember, the key to arranging  unencumbered mortgages is understanding your options and making the best choice for your individual circumstances. 

Equity release calculator FAQS

In 2023 Equity release is based on the value of your home and your age. It's usually between 20% and 60% of your property's value. The maximum equity you can borrow depends on different factors, such as the value of your home, your age and your health. Your adviser will provide detailed figures on this https://later-life-finance.co.uk/uk-equity-release-calculator/how-much-equity-can-i-release
The money you can get is usually between 20% and 60% of your property's value. The maximum equity you can borrow depends on different factors, such as the value of your home, your age and your health. Your adviser will provide detailed figures on this https://later-life-finance.co.uk/uk-equity-release-calculator/how-much-equity-can-i-release
The most common form of equity release is a lifetime mortgage that isn't paid off until the last surviving homeowner has passed away or gone into long term care. You can still move home and pay voluntary payments off the mortgage with most lenders in 2023.
At the end of the first month or year (depending on your plan), the amount of interest charged is added to the original loan. The following month/year, the interest will be 'compounded', which means it's calculated based on the sum of the original loan, plus the interest charged during the first month/year. Your adviser will provide detailed calculations, including any planned repayments you intend to make. https://later-life-finance.co.uk/uk-equity-release-calculator/how-much-equity-can-i-release