How Much Can I Borrow on a Lifetime Mortgage?

If you’re considering a lifetime mortgage, one of the first questions you’ll likely ask is: how much can I borrow? The answer depends on several factors, but understanding the basics will give you a clearer picture of what’s possible.

What is a Lifetime Mortgage?

A lifetime mortgage is the most common type of equity release. It allows you to unlock tax-free cash from the value of your home while continuing to live there. The loan, plus any interest, is repaid when your property is sold—usually when you move into long-term care or pass away.

How Much Can You Borrow?

The amount you can borrow on a lifetime mortgage depends on a few key factors:

• Your Age – Typically, the older you are, the more you can release. Minimum age usually starts at 55.

• Property Value – The higher your home’s value, the larger the potential release.

• Health & Lifestyle – Some providers offer enhanced lifetime mortgages, allowing you to borrow more if you have certain medical conditions or lifestyle factors.

• Lender Criteria – Each provider has their own limits and calculations.

On average, you can borrow between 20% and 60% of your property’s value. For example:

• A 60-year-old homeowner with a £300,000 property might be able to release around £90,000.

• A 75-year-old with the same property could potentially release closer to £120,000 or more.

Lump Sum or Flexible Access

You can choose to take the money as:

• A lump sum – a single payment upfront.

• Drawdown facility – releasing smaller amounts over time as and when you need them.

This flexibility helps you control how much interest builds up over time.

Things to Consider

Before deciding how much to borrow, it’s important to think about:

• Future needs – you may want funds later for care, home improvements, or family gifts.

• Inheritance – borrowing more reduces the value of your estate.

• Alternatives – sometimes downsizing or other financial options may be more suitable.

Get Personalised Advice

Every situation is unique, so the best way to find out how much you can borrow is to speak with an independent equity release adviser. They can calculate your borrowing potential, compare providers, and explain the pros and cons in plain English.

👉 At Chetwood Lloyd Mortgages, we’re independent and fee-free. If you’d like to know exactly how much you could release from your home, get in touch today—we’ll guide you every step of the way.