Compare equity release interest rates 2024

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*Updated 10th June 2024*

Currently, the lowest equity release interest rate is 5.59% (as at June 10th 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 - June 2024

Provider MER Type Product How much cash could you release?
Aviva 6.54% Fixed Drawdown Calculate Now
Aviva 6.54% Fixed Lump sum Calculate Now
Pure Retirement 5.59% Fixed Drawdown Calculate Now
Pure Retirement


Fixed Lump sum Calculate Now
Just Retirement 5.65% Fixed Drawdown Calculate Now
Just Retirement 5.65% Fixed Lump sum Calculate Now
Canada Life 5.75% Fixed Drawdown Calculate Now
Canada Life 5.75% Fixed Lump sum Calculate Now

Please note: Rates correct as at 10th June 2024. Rates vary by provider, depend on your personal circumstances and whether you prefer a cash lump sum or an income. LATEST OFFER 5.59% 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 5.59% MER. Subject to suitable eligibility criteria including age and property type.

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 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 UKs 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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Our aim is to provide you with clear and accurate information to help you research your chosen financial products and services. The material on this site is for general information only and does not constitute any form of advice or recommendation.

If a link has an * by it, it means it is an affiliated link to an insurance company or broker that may result in a payment to the site. Should you use the equity release calculator, speak to an Age Partnership adviser and take out a plan out using their services, we receive a commission, however this will not affect the price you pay.

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None of the above arrangements constitute advice or recommendations, as other products and companies are available. You should always obtain independent, professional advice for your own situation.

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