MortgageAdvice.co.uk
EQUITY RELEASE
How much equity can I release?
The amount you may be able to release from your home depends on several factors, including your age, property value and the product available. There isn’t one percentage that applies to everybody.
Discuss how much you may be able to release
No obligation to proceed.
Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits and your tax position.
How is the amount calculated?
With a lifetime mortgage, the amount potentially available is generally based on a percentage of your property’s value. The maximum percentage available can vary according to your age and the lender’s criteria. Generally, the older the youngest applicant, the greater the percentage of the property’s value that may potentially be available. Individual circumstances and product criteria also matter.
There is no single maximum percentage that applies to everyone.
YOUR AGE
The age of the youngest applicant is an important factor in determining the percentage potentially available.
YOUR PROPERTY
The value, type and location of your property can affect the amount and products potentially available.
PRODUCT CRITERIA
Different products and providers have their own eligibility and lending criteria.
Together, these factors help determine how much you may potentially be able to release.
Your individual circumstances will also be taken into account.
What affects how much equity you can release?
Age
The age of the youngest applicant is an important factor in determining the amount potentially available.
Property value
The value of your home is used when calculating the maximum amount that may potentially be borrowed.
Property type
Some properties may be subject to additional lender criteria or may not be acceptable to every lender.
Property location
Where your property is located can affect which lenders and products may be available.
Existing mortgage
Any mortgage or other lending secured against your home will normally need to be repaid as part of the arrangement.
Health and lifestyle
Some products may take certain health or lifestyle circumstances into account when determining the amount potentially available.
Why does your property value matter?
This is a simplified illustration of how the calculation works, not an indication of the amount you could borrow.
Your property value forms one part of the calculation. The percentage potentially available is then determined by factors such as age and product criteria.
£300,000
Property value
£500,000
Property value
£750,000
Property value
How does age affect equity release?
Lifetime mortgages usually have a minimum age requirement. The precise minimum varies between products and providers. The age of the youngest applicant is normally particularly important for joint applications. Generally, older applicants may be able to access a higher proportion of the property’s value, although the amount available will depend on the product and individual circumstances.
YOUNGER ELIGIBLE APPLICANT
Lower potential percentage
The percentage potentially available is generally lower for younger eligible applicants.
AGE INCREASES
Potential percentage available may increase
OLDER APPLICANT
Higher potential percentage
Older applicants may generally be able to access a higher proportion of the property’s value.
Product criteria vary, and age is only one of the factors that can affect the amount available.
What if you still have a mortgage?
You may still be able to consider a lifetime mortgage if you have an existing mortgage. Any existing mortgage or other lending secured against the property would normally need to be repaid when the lifetime mortgage completes.
ILLUSTRATION ONLY
If a lifetime mortgage were arranged, the £80,000 existing mortgage would normally need to be repaid from the new borrowing or other available funds.
The amount left for you to use would therefore be lower than the total amount borrowed.
PROPERTY VALUE
£500,000
EXISTING MORTGAGE
£80,000
Normally needs to be repaid
LIFETIME MORTGAGE ARRANGED
EXISTING MORTGAGE REPAID
MONEY REMAINING FOR YOU
Depends on the total lifetime mortgage borrowing
You don’t necessarily need to borrow the maximum
Being able to release a particular amount does not necessarily mean borrowing that amount is appropriate. The amount you choose to take can affect how much interest builds up over time.
WHAT MAY BE AVAILABLE
Maximum potential borrowing
The maximum amount available will depend on factors such as your age, property and the product selected.
WHAT YOU ACTUALLY NEED
You may choose to borrow less
Taking less initially may reduce the amount on which interest builds up.
Maximum potentially available → Consider how much is actually needed
You may not need to take everything at once
Some lifetime mortgages offer a drawdown facility, allowing an initial amount to be taken with further money potentially available later. Interest is generally charged only on money that has actually been drawn.
An adviser can help you consider how much to borrow based on what you are trying to achieve and the longer-term implications.
Can health or lifestyle affect how much you can release?
Some lifetime mortgage products may take certain health or lifestyle circumstances into account when determining the amount potentially available. These are sometimes referred to as enhanced lifetime mortgages.
ENHANCED LIFETIME MORTGAGES
Some circumstances may affect the amount available
HEALTH
Certain medical conditions may be taken into account.
LIFESTYLE
Some lifestyle factors may also be considered.
PRODUCT CRITERIA
Which circumstances are considered varies between providers and products.
Not all lifetime mortgages work this way, and having a particular health or lifestyle circumstance does not automatically mean that more money will be available.
Find out what may be available
Finding out what may be available involves looking at your circumstances, the options available and what may be appropriate for you.
01
Your circumstances
Your age, property and any existing mortgage are among the factors that can affect the amount potentially available.
02
Understand your options
An adviser can consider the products available and explain how much you may potentially be able to release.
03
Consider what’s appropriate
The maximum available is not necessarily the amount you should borrow. Advice should consider what you are trying to achieve and the longer-term implications.
You do not need to work this out yourself. A qualified adviser can consider your circumstances and explain the options that may be available to you.
Learn more about equity release
Explore our guides to understand more about equity release and lifetime mortgages.
Want to find out what may be available?
Mortgage Website Limited can review your enquiry and, where appropriate, introduce you to a selected adviser who can discuss how much you may be able to release and the options available to you.
Discuss how much I could release
No obligation to proceed.
QUALIFIED ADVISER
Speak to an appropriately authorised adviser.
PERSONAL CIRCUMSTANCES
The adviser can consider your individual circumstances.
NO OBLIGATION
Making an enquiry does not commit you to proceeding.
Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits and your tax position.
How much equity can I release? FAQs
Answers to some common questions about how much equity release may be available.
How is equity release calculated?
What percentage of my house can I release?
Does my age affect how much I can release?
Can I release equity if I still have a mortgage?
Does my property need to be worth a minimum amount?
Can I release all of the equity in my home?
Can I take less than the maximum available?
Can I release more money later?
Does health affect how much equity I can release?
How do I find out how much may be available to me?
Your individual circumstances will determine what may be available. A qualified adviser can explain the options based on your age, property and circumstances.
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