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Interest Only Lifetime Mortgages

Get fast, tailored mortgage figures & find the top deals

By submitting this form you agree to be contacted by our regulated partner to confirm your details and provide a comparison and quotation based on additional questions about your circumstances. Any personal data provided through this form will be processed in accordance with our Privacy Notice.

"Excellent service and we saved money"
Mr and Mrs Atkinson, Kent
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Join homeowners who safely raised £10 million of equity since 2020 through Compare My Equity

Transform your finances through your own home equity. FCA regulated lenders, advice and plans

Learn how to safely unlock tax free cash, the best way to do it, get calculations, projections and interest costs.

Can you gift an early inheritance using equity release

Ready to Compare the Best Mortgage Rates?

Tired of searching the internet for the best deal?

Confused by all the different options available?

Let Compare My Equity do all the hard work for you. We have access to the best rates on the market. One of our experienced advisers will listen to your individual circumstances and find you the best deal

How do we work?


Simple process, honest & efficient. 


Compare My Equity is a trading style of Later Life Finance, a specialist equity release broker providing advice and sourcing exclusive plans and interest rates.

This ensures you can secure the best possible advice and the correct equity release plan for your needs. 

Simply complete your details and we will provide you with all your options, without obligation. 

Only if you opt to proceed with a recommended solution is an advice fee of £1,490 payable on completion of your plan. 

Can you gift an early inheritance using equity release

 

  • Interest only lifetime mortgages unlock the value built up in your home as a tax free lump sum
  • Interest Only Lifetime Mortgages provide access to the equity tied up in your home whilst enabling you to maintain interest repayments. 

  • If you are considering enjoying the benefits of raising money from your home, we can compare all options whilst also ensuring you secure the best possible plan.

  • The mortgages are popular because they enable the over 55s to raise money from property with more flexibility than traditional mortgages offer, as they are arranged over your lifetime.  As a result, they remove the stress typical mortgages can carry. 

  • The interest can be repaid to maintain control of the mortgage and preserve your equity for an inheritance or downsizing, for instance. 

  • Interest only lifetime mortgages offer a safe way of tapping into the wealth tied up in your home to spend as you wish, as long as any existing mortgage is settled from the money taken.

Equity Release FAQs

Equity Release is simply a term for raising equity. An equity release lifetime mortgage is the most common method of safely accessing this equity from your home, tax-free.

We use lifetime mortgage interest calculators and provide detailed interest projections including house price forecasts to help you understand the effect interest will have on your equity. 

An expert adviser will indentify your best equity release deals

You need a solicitor and our experts can put you in touch with a reputable solicitor who will take care of the legal process. They ensure the funds are securely transacted to you and deal with the lenders solicitors for you. 

The best providers consist of lenders offering the most flexible terms, such as voluntary repayments and fixed exit criteria. We can help you find the best provider for your requirements.

The downside to equity release is the interest can be compounded however you can also pay the interest to maintain control of the balance on the mortgage

Equity Release interest rates are fixed for life, depending on the amount of money required as a lump sum and also any reserve facility required. Request a quote for a personalised and detailed interest rate illustration. 

The initial lump sum has a lifetime fixed interest rate which is agreed at the time of taking an equity release plan. 

The reserve, also known as a drawdown facility is charged at the interest rate applicable at the time of borrowing the further funds. 

All lifetime mortgage UK lenders are all fully regulated by the financial conduct authority (FCA).

Your lifetime mortgage quotes will only be from Equity Release Brokers for expert advice, & with Equity Release Council Plans for your added peace of mind. The council are the industry trade body who provide several codes of conduct for your added security, including the essential guarantee you will never enter into negative equity. 

Usually you can repay up to 10% of the amount borrowed within any 12 month period. This is on a flexible basis and completely voluntary. 

Understanding your options and suitability is important to making the best decision for you.

We can put you in touch with an expert who will review and assist with this process to compare equity release schemes and interest rates for you. We compare the entire equity release market to find your best solution.  

The specialist broker we put you in touch with operate a zero-pressure policy, and will answer all your questions to ensure you are fully informed with no commitment. We have access to legal and general equity release adviser plans for full comparison of the whole market. 

The most common form of raising equity is a lifetime mortgage where you maintain 100% full home ownership for the rest of your life, or joint lives where applicable.

Importantly, you can still move home if you wish and repay or move the mortgage with you. 

An equity release lifetime mortgage can be used for estate planning purposes. When you request your quotes, we will put you in touch with an expert adviser to discuss this in more detail.

You could possibly reduce your current equity release interest rate as there are many competitive deals available now. Please contact expert@comparemyequity.co.uk for a personalised quotation

Usually you can repay up to 10% of the amount borrowed within any 12 month period. This is on a flexible basis and completely voluntary. 

Many lenders calculate the interest daily and add it either monthly or annually. 

We provide interest rate calculations to show you how making repayments back will help preserve your equity for the future. This shows how the accrued interest will look if you don’t make any payments and the benefits of repaying the interest. 

Our interest repayments calculators detail how the interest will be charged and the effect of making lifetime mortgage interest repayments back to your plan to help you with your own calculations. 

Equity release interest rates vary depending on your age, your property value and the required amount of money you borrow. Your adviser can provide a detailed quotation. 

The most common form of raising equity is a lifetime mortgage where you maintain 100% full home ownership for the rest of your life, or joint lives where applicable.

Importantly, you can still move home if you wish and repay or move the mortgage with you. 

Compare interest rates & calculations

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"Superb in sourcing and arranging my lifetime mortgage"
Mr Holloway, Leeds
"Superb in sourcing and arranging my lifetime mortgage"
Mr Holloway, Leeds
Equity Release Calculator

Calculate how much Equity you can release from your home

Are you asset rich but cash poor?

Do you want to know INSTANTLY how much equity you can release from your home?

With Compare My Equity’s Instant Equity Release Calculator, we can tell you in seconds how much equity you could potentially release from your home

Interest Calculations & Projections

Our experts analyse interest rates, build detailed projections and explain the true cost of borrowing.

Request your quotes today and an expert adviser will provide all the information you need to make an informed decision on all your options.

Compare My Equity can search the whole market for you. 

Complete your details and we will arrange an up to date overview of the interest rate options for you.  

  1. We have access to market-leading equity release interest rates & schemes.
  2. Detailed illustrations and interest calculations provided without any obligation by a qualified, expert adviser. 
  3. We don’t sell your information to third parties for your peace of mind. 

 

Equity Release Calculator
Equity release to pay off your mortgage

Releasing Equity from Your Home

It’s important to compare equity release interest rate market and schemes with an expert broker. 

We help you find the best equity release plan and we have access to all providers to secure your best deal.

Modern equity release plans are flexible and secure. Repayments on equity release mortgages are voluntary, therefore you have guaranteed home ownership for life. You can continue to enjoy your home in the years to come, whether you choose to make payments or not. 

You retain full home ownership & security for life. Request your quotes today.  

Equity release to pay off your mortgage

Releasing Equity from Your Home

It’s important to compare equity release interest rate market and schemes with an expert. 

We help you find the best equity release plan and we have access to all providers to secure your best deal.

Modern equity release plans are flexible and secure. Repayments on equity release mortgages are voluntary, therefore you have guaranteed home ownership for life. You can continue to enjoy your home in the years to come, whether you choose to make payments or not. 

You retain full home ownership & security for life. Request your quotes today.  

Equity Release

Your Questions Answered

If you are looking for equity release advice but are unsure where to start Compare My Equity have helped hundreds of UK homeowners find expert advice without any nonsense, just expert advice with zero obligation, how refreshing. 
 

In order to release equity from your property, you’ll need to speak with a qualified equity release adviser at a specialist broker to ensure you can access all types of equity release and a full range of provider options available, including lifetime mortgages and the alternative options such as the home reversion plan.

Independent advice on all your options, including any potential alternatives to consider and any potential impact on means tested state benefits is important to ensure releasing equity is suitable.

Your adviser will explain the range of products and will take into consideration your circumstances, current and longer term objectives and ensure raising a lump sum or a drawdown lifetime mortgage is suitable based on all the information available.

Financial advisers dealing with equity release will establish suitability and your attitude to risk, inheritance preferences and explain lifetime mortgages and home reversion plans, which differ from a lifetime mortgage, which enable you to retain full home ownership for life.

Where can I get independent advice about equity release?

An equity release council registered adviser can provide you with independent advice. Compare my equity can put you in touch with a qualified adviser who can discuss all your options and the alternatives.

Do I need an advisor for equity release?

Yes. Lenders require you to deal with a qualified adviser to ensure you receive appropriate advice from a source you can trust.

The industry is heavily regulated by the financial conduct authority to protect peoples best interests as the plans are regulated mortgages and require expert advice to ensure you receive qualified advice and from a professional expert.

How much do equity release advisers charge?

Most brokers charge a fee on successful completion of the scheme of up to £1,800. However certain schemes offer cash backs to reduce your setup costs.

Who regulates equity release advice?

The Financial Conduct Authority regulates the industry. This ensures high standards are maintained. The Financial Services Compensation Scheme also protects the industry and you have protection in place from the Financial ombudsman service.

Is Equity release safe?

Most financial advisers understand how equity release works and that modern plans are safe. Lifetime mortgages are the most common type, and are regulated by the Financial Conduct Authority.

The Equity release council also provides consumer protection.

When is equity release a good idea?

Releasing equity from your home can be beneficial if you want to utilise the money tied up in your home. This can be a good idea if you have a mortgage to repay, or are struggling with debts. It can also be a good option if you require a cash injection for living costs or to gift an early inheritance, for example.

How does equity release work?

The most common scheme is the lifetime mortgage. This equity release product has optional monthly payments, or the interest can be rolled up and paid when the property is sold. A lifetime mortgage gives you more control over your outgoings with the optional payment flexibility.

The value of your home and your age determines how much money you can taken from your home with an equity release lifetime mortgage. Most plans have an early repayment charge and some lenders offer downsizing protection for flexibility if you wish to move home and repay the mortgage early.

All lifetime mortgage lenders allow you to port the plan to a new home. Your financial adviser will discuss any impact on state benefits.

Who is the best equity release provider?

There are several providers, all having their own individual merits. Your adviser will explain the advantages of each provider in detail to ensure you access the best provider for your circumstances. This is based on various factors, such as current and longer term objectives and your attitude to risk.

What is a lifetime mortgage?

A lifetime mortgage is the most common form of equity release and consist of a lump sum or drawdown plan, which can help reduce the impact of interest charged on the equity release loan, there are various lifetime mortgages and equity release mortgage products to consider.

What is later life finance?

Later life finance is a term for mortgages for the over 55s. Unlike a traditional mortgage, later life mortgages have a minimum age of 55 and either have no fixed payments, or can use retirement income as part of the application process to incorporate fixed monthly interest payments.

How does equity release work if i want to move to a new property?

If you want to move home to a new property lifetime mortgages are portable, meaning you can move it with you. Your adviser can explain the technical details about downsizing and porting as there are several factors to consider.

Equity release brokers

What is an equity release broker? An equity release broker is a company who provide access to a qualified equity release expert adviser, and source schemes from the later life finance marketplace.

Some brokers may have access to preferential interest rates on lifetime mortgage schemes, free property valuations and cash backs to help with your costs.

A equity release lifetime mortgage broker should be a member of the equity release council and should be listed on the financial services register.

Lifetime mortgage plans tend to be the most common method of releasing equity and carry a negative equity guarantee for security and peace of mind you will never owe a lender more than you have in equity in your home.

Who is the best equity release company?

When searching for who the best equity release company is, there are some factors to consider, since there are equity release lenders and equity release brokers who specialise in later life finance mortgage advice.

Equity release lenders include lifetime mortgage lender names such as Aviva, Legal & General, Liverpool Victoria and several other companies who are less well known, but all equity release lenders should be equity release council members to provide the reassurance of the no negative equity guarantee.

The lifetime mortgage is the most popular form of equity release product. The lenders available offer various forms of lifetime mortgage schemes, all with varying features to suit your requirements when releasing equity.

Who do I talk to about equity release?

A qualified expert who specialises in equity release products is the best source of advice.

You can access advice through compare my equity without any pressure or upfront costs.

Contact 0800 2465228 to talk with a friendly expert who can explain all your options.

Equity release advisers

If you are considering whether to release money from your home accessing expert advice to understand each product available is important.

A financial adviser who specialises in equity release plans is called an equity release adviser, or specialist who is a later life finance mortgage expert.

Independent Financial advice on equity release

An independent financial adviser can put you in touch with a qualified equity release expert adviser to source equity release schemes from the marketplace, and provide advice on the most suitable solution for your needs.

The firm should be authorised by the financial conduct authority for your protection, as they must follow strict guidelines as part of their later life finance advice approach.

Your adviser will explain each form of equity release and discuss how equity release works.

Factors to consider including interest rate, any applicable early repayment charge and how each equity release scheme works is important and will be clearly explained by your adviser.

Your adviser will ensure you understand how equity release works and will also discuss any eligibility to means tested benefits and ensure you are aware how equity release affect benefits. Independent financial advice is important to ensure you access the most suitable advice and the full market range of plans.

Equity release products

Whether you are looking to raise a lump sum or consider a drawdown arrangement to help reduce the impact of interest charged on the loan, there are various lifetime mortgages and equity release mortgage products to consider.

Lump sum lifetime mortgages

A lump sum plan will incur interest on the full sum from the outset, whereas a drawdown plan only incurs interest on each lump sum as they are drawn, helping to reduce the interest costs, which can help reduce the impact of interest on your estate when compared with a one off lump sum plan.

Drawdown Lifetime mortgage

A drawdown lifetime mortgage is popular where the money is not required in a full lump sum from the outset. For example, you can take smaller amounts as and when required. This also has the benefit of reducing the interest effect as you are only charged interest on the funds borrowed. The reserve facility is charged at the interest rate applied at the time of further borrowing. There are typically no fees to access the reserve facility.

Lifetime mortgage negative equity guarantee

You still have the benefit of the negative equity guarantee for added peace of mind. Equity release has a diverse range of lifetime mortgage options available which are the most popular way of raising tax free cash for the over 55’s.

What type of equity release plans are available?

Equity release schemes offer several features. With a lifetime mortgage the interest rate is typically fixed for life and a lump sum or drawdown reserve facility can be arranged.

Monthly payments are optional and plans are not underwritten on affordability, making the equity release route an attractive option for repaying an existing mortgage and debts as long as the implications of securing previously unsecured lending against your home is understood.

Equity release, Inflation and the cost of living

The reduced pressure on income and increased disposable income can be beneficial, especially as the cost of living increases take hold.

If you wish to repay your lifetime mortgage early, this should be taken into full consideration when discussing early repayment charges and the options available.

The type of equity release required will depend on your individual priorities, objectives and current and longer term plans such as moving home, receiving a lump sum such as an inheritance, where early repayment charges are important to factor in.

Equity release and property values

The market value of your home will need to be confirmed if you decide to proceed with equity release. Equity release providers tend to cover the cost of the valuation and this will establish the market value of your home.

How does my home get valued with a lifetime mortgage?

The lender will arrange an independent valuation of your home.

A common misconception is that the lender may value your home lower than the market value, however this is not the case, as the independent chartered surveyor used must provide comparable evidence of similar sold properties in the local area. Sometimes this is not straightforward if the property is unique, for example. However when your home is eventually sold it should reach the full market value potential as your estate has control over the property sale process.

What else should I consider about equity release?

The minimum age is 55, with how much equity you can raise being based on your age and property value. Equity release is a loan secured on your main residence.

Using equity release for retirement planning, home improvements and gifting an early inheritance is becoming more common.

What are the equity release arrangement fees?

Arrangement fees consist of advice fees, lenders fees are sometimes payable and legal fees are also payable. Most lifetime mortgages can be raised to accommodate fees paid on completion of the mortgage when you receive your funds. You will pay interest on any fees added, which is something your equity release adviser will discuss with you. Valuation fees normally don’t apply with a lifetime mortgage.

Further advice should be sought on how inheritance may be affected should also be sought.

Equity release interest rate projections

Monthly interest rates and annual interest rate calculations can be provided by your equity release adviser for full comparison purposes. Making monthly repayments on the mortgage can be beneficial to reduce the effect of compound interest. Ask for projections of how paying interest on later life mortgages will affect the mortgage over time.

Equity release is an option worth considering as long as you take independent financial advice.

Can I release equity to pay off debt?

You can raise equity to settle your debts.