Compare Equity Release Interest Rates 2024

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    *Updated 3rd December 2024*

    Currently, the lowest equity release interest rate is 5.72% (as at 3rd December 2024). Use the table below to compare equity release interest rates from some of the UK’s leading lifetime mortgage lenders. Other schemes are also available so it’s worth speaking to an equity release specialist like Age Partnership who can compare lifetime mortgage interest rates across a wide range of market-leading companies. 

    Lifetime mortgage interest rates compared - December 2024

    Provider MER Type Product How much cash could you release?
    Aviva 6.43% Fixed Drawdown Calculate Now
    Aviva 6.43% Fixed Lump sum Calculate Now
    Pure Retirement 5.86% Fixed Drawdown Calculate Now
    Pure Retirement

    5.86%

    		 Fixed Lump sum Calculate Now
    Just Retirement 5.72% Fixed Drawdown Calculate Now
    Just Retirement 5.72% Fixed Lump sum Calculate Now
    Canada Life 5.93% Fixed Drawdown Calculate Now
    Canada Life 5.93% Fixed Lump sum Calculate Now

    Please note: Rates correct as at 3rd December 2024. Rates vary by provider, depend on your personal circumstances and whether you prefer a cash lump sum or an income. LATEST OFFER: 5.72% MER special deal through Age Partnership when you use our calculator.

    How to compare equity release schemes in 2024

    To compare equity release schemes you first need to establish your requirements. For example:

    1. How much money do you want to release?
    2. Do you meet the eligibility criteria for a lifetime mortgage?
    3. Do you want to protect a percentage of your property value as an inheritance for your family?
    4. Would you like to repay some or all of the interest?
    5. Would you like a single lump sum or a cash reserve you can draw on when you wish?

    As well as comparing equity release interest rates, it’s important to consider other factors such as early repayment charges and any incentives or cashback offers in place that make the offer more appealing.

    What is the average interest rate on equity release in 2024?

    According to the Equity Release Council, the average interest rate is currently just over 6%, based on lifetime mortgages across the UK. The best interest rate today is 5.72% MER. Subject to suitable eligibility criteria including age and property type.

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    Where can I find the best equity release interest rates in 2024?

    To find the best interest rates on equity release, it helps to get the right advice from a specialist. They will explain how releasing equity from your home could work for you, help you consider alternative options and compare schemes.

    However, be aware that some specialists are tied to a select number of companies, so only able to compare their plans. To get the best equity release advice it can help to use a broker or IFA who compares schemes across a wide range of providers.

    Also, some advisers will charge for their initial advice while others will provide it for free, only charging a fee if you decide to go ahead.

    So, be sure to compare the cost of advice from brokers as this could also save you money.

    Compare equity release with Age Partnership

    Age Partnership is one of the UK's leading equity release specialists. They compare equity release plans across a wide range of leading UK providers and their initial advice is free. They have agreed special rates with lenders you may not be able to get elsewhere, as well as extra incentives.

    Next steps

    To see how much equity you could release from your home, use our free and easy-to-use calculator.

    Or for free advice from equity release specialist Age Partnership, call 0800 368 8466 or ask for a call back.

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    More information on equity release:

    Pros and cons of equity release

    What are the pros & cons of equity release? Alongside the benefits, there are some important ‘catches’ to consider before deciding if it's right for you.

    Alternatives to equity release

    Take a look at these alternatives to equity release, including downsizing your home, remortgaging to release equity, retirement interest only mortgages and more.

    Compound interest explained

    Understand how compound interest works on an equity release and the options you have to reduce how much you have to pay on what you borrow.

    Did you find this information helpful?

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