Where to find calculator for lifetime mortgage for first time buyer

Andy2718

I'm a first time buyer looking to take out a simple first time buyer lifetime mortgage. I know zero about mortgages. All the calculators I can find ask about things like equity release that do not apply and I don't know if the calculation they give will be applicable or not. My situation is: house costs £Z, I've got £X savings, mortgage loan is £Y, £X+£Y=£Z and it lasts my lifetime. Can someone suggest a calculator which will definitely apply?

Many thanks.

CSL0183

All mortgage calculators should do the same thing. 

Mortgage amount - £100,000
Interest Rate - 4%

Period - 25 yrs 

Monthly Payment - Calculator then works this out from the 3 pieces of info above. 

If you are buying a £150k property and your deposit is £50k then the mortgage amount is as above. (£100k)

Just type mortgage rate calculator into your address bar and Google should bring up their embedded one. 

Edit…. Sorry I’ve just read you want info about lifetime mortgages and getting myself confused with what you mean. You are a first time buyer with no home and no equity, lifetime mortgages are for those that own their homes (outright) and then take out borrowing against that home for equity release. 

A first time buyer wouldn’t do that. They have to pay for the house between a period of 1-35yrs usually. 

What is it you are trying to do?

kingstreet

The longest term for a standard mortgage is normally 40 years, with some lenders topping-out at 35. All subject to current and retirement ages.

Andy2718

A lifetime mortgage is designed for over 55s. The idea is that you buy a house, pay only the interest, the mortgage runs until death, and at that point the building society get their capital back. It is often used for equity release, but is perfectly available for first time buyers.

MWT

Andy2718 said:

I'm a first time buyer looking to take out a simple first time buyer lifetime mortgage...

If it really is a 'Lifetime Mortgage' you are looking for then although it is perfectly possible to use one as a first time buyer, but you will not find that the calculators are going to be very helpful.

Could you just give us some broad details so we can see if you are really looking at the right product?

If you could just give us the value of 'Z' & 'X' from your example and your current age that would be very helpful, or if you are not sure about 'Z' then just 'X' and your age would let us estimate how high 'Z' could be, roughly...

... but age is really the starting point, as that will need to be 55+, and the further past 55, the higher 'Z' is going to go... 

ariarnia

Andy2718 said:

A lifetime mortgage is designed for over 55s. The idea is that you buy a house, pay only the interest, the mortgage runs until death, and at that point the building society get their capital back. It is often used for equity release, but is perfectly available for first time buyers.

the 'normal' idea is that you buy a house and they buy it off you with you renting it back from them over the next 35 years. i'm sure you can do it differently by coinciding the buying and equity release but i doubt you'll find an online tool as it's not the normal or expected arrangement. i don't know how useful online tools are anyway for lifetime mortgages because the actual equity release you can be offered depends so much on your age and underlying health. probably best to phone a couple of companies or contact a broker.