Equity Release Guides · Private Medical Treatment
.jpg)
By Graham Clelland, Director, My Later Life · Published 13 November 2026
It's a question I'm hearing more and more: "Can I use the money in my house to pay for an operation?" Almost every week, someone tells me they've been put on an NHS waiting list for a year or more, and they're struggling while they wait.
The short answer is yes. But it's a big decision for what's usually a one-off bill, and the money takes longer to arrive than most people expect. I've seen people rush in when a cheaper option was sitting right in front of them, and others hold back when it really would have changed their life.
Below I'll go through what private surgery costs, how equity release could pay for it, what it really costs over time, and the alternatives I'd always want you to look at first.
Calculate Your Equity Release Request a Callback
Important: equity release is a long-term financial commitment. It can reduce the value of your estate and may affect entitlement to means-tested benefits. A lifetime mortgage is a loan secured against your home. This page provides general information and is not a personal recommendation.
Yes. Equity release lets homeowners aged 55 and over unlock cash from their home without moving. Most people use a lifetime mortgage: a loan secured on your home with no monthly repayments required. The loan and the interest are repaid when the last borrower dies or moves into long-term care, usually from the sale of the house.
Lenders don't tell you how to spend the money, so a new hip, cataract surgery or a heart valve is a perfectly legitimate reason. The harder question is whether it's the right way for you to pay.
NHS waiting lists in England are still close to record levels. At the end of August 2026, about 7.37 million treatments were waiting, covering around 6.24 million patients. Roughly 2.56 million of those patients had already waited more than 18 weeks (BMA).
Heart care is under particular strain. Research from the medical group Valve for Life found the average UK wait for TAVI, a keyhole heart valve procedure, was 142 days, and more than 400 people with aortic stenosis die on waiting lists each year (The Guardian).
In my experience, though, the wait itself is only half of it. What wears people down is what life is like in the meantime: the pain, the breathlessness, the broken nights, giving up the things they love, and leaning on family for jobs they used to do themselves.
Here are typical self-pay package prices for 2026:
| Procedure | Typical self-pay price |
|---|---|
| Heart valve replacement | From around £25,000 (often more) |
| Knee replacement | £14,250 to £15,500 |
| Hip replacement | £13,950 to £14,900 |
| Prostate surgery (TURP) | £6,800 to £7,900 |
| Hernia repair (one side) | £3,700 to £4,400 |
| Cataract (one eye) | £2,800 to £3,400 |
Prices are from Which?. The heart valve figure is based on a patient who paid over £25,000, reported by the British Heart Foundation. Heart surgery prices vary a lot, so always get a written quote.
Before you borrow a penny, ask the hospital exactly what the package includes: consultations, scans, the implant or valve, the hospital stay, physio, follow-up appointments, and what happens if there are complications.
The situation. Margaret, 74, was diagnosed with aortic stenosis, a narrowing of one of the heart's valves. Her consultant said she needed a valve replacement. She was told the NHS wait could be up to two years.
The impact. Margaret was breathless walking to the end of the garden. She'd stopped her weekly walks with friends and couldn't look after her grandchildren any more. Her husband, David, said it felt like watching her life shrink.
The options. They had about £8,000 in savings, which they wanted to keep for emergencies. Their home was mortgage-free and worth £350,000. A private hospital in londomn quoted £27,000 for the full package.
What they did. After advice, they took a drawdown lifetime mortgage. They released £27,000 for the operation and kept a reserve available in case Margaret needed follow-up treatment. At 7% with no repayments, £27,000 could grow to around £53,000 after 10 years, so they chose to make voluntary repayments from their pensions to slow that down. Their children were part of the conversation from the start.
The outcome. Margaret had her operation within weeks of the money arriving.
“For two years i could barely walk to the end of the garden without stopping for breath. We were told the wait could be up to two years, and honestly, we didn’t know if if i had that long in me.I enquiried with My Later Life and Graham was assigned to me .We hoped the money would come sooner bu Graham said it would be about 8 weeks for all of the dicuments to be complated. The money came though in 7 weeks and i booked by opperation privatley at the Wellington hospital and has a concomitant minimally invasive cardiac procedure that combines MIDCAB, surgical AFib ablation, and left atrial appendage closureand im feeling amazing. Now im back walking with her friends every Thursday and picking the grandchildren up from school. I wish we’d looked into it sooner. Graham was straight told us of all of the pros and cons was upfront about the costs from day one, which meant a lot.” Thanks Graham , Margret London.
From first conversation to money in the bank usually takes 8 to 12 weeks (Aviva). Private hospitals can often operate within weeks, so the finance can end up being the slowest part. My advice is to start early.
Ask for a written, all-inclusive package price, so you know exactly how much you need.
Advice is a legal requirement for equity release. We'll check how much you could release and whether a drawdown or enhanced plan suits you.
The lender arranges a valuation of your property.
They handle the legal side and make sure you understand the terms.
Funds are usually paid through your solicitor, and you then pay the hospital.
Your health could mean you can borrow more. If you have conditions such as heart disease, diabetes or high blood pressure, an enhanced lifetime mortgage may let you release more. It's usually a health questionnaire, not a medical (Moneyfacts).
Use Our Equity Release Calculator
The calculator provides an indication only. It is not a personal recommendation or confirmation that a particular equity release product will be available to you.
This is the part I never want anyone to skip. With a lifetime mortgage, interest compounds, which means you're charged interest on the interest. In September 2026, average lifetime mortgage rates were around 7%, with most products between 6% and 7.5% (Which?).
Here's what you'd owe at 7% with no repayments:
| Amount borrowed | After 5 years | After 10 years | After 15 years | After 20 years |
|---|---|---|---|---|
| £15,000 (hip or knee) | £21,038 | £29,507 | £41,385 | £58,045 |
| £25,000 (heart valve) | £35,064 | £49,179 | £68,976 | £96,742 |
Illustration only. Assumes a fixed 7% a year, compounded annually, with no fees or repayments. Your rate will depend on your age, property and plan.
The good news is you can cut that cost a lot:
And under Equity Release Council standards, there's a no negative equity guarantee: you'll never owe more than your home is worth when it's sold.
| Pros | Cons |
|---|---|
| Treatment in weeks rather than months or years | Compound interest can make the final cost several times the bill |
| No monthly repayments required | Less to leave to your family |
| You stay in your home and keep ownership | May affect means-tested benefits |
| Drawdown lets you keep a reserve for follow-up care | Takes 8 to 12 weeks to arrange, plus set-up costs |
| Health conditions may mean you can borrow more | Early repayment charges may apply if you pay it all back early |
Equity release is a long-term decision taken for a short-term need. That's why I always look at the whole picture: your health, your family, and what you might need in five or ten years' time. Before you commit, have a look at these:
Usually around 8 to 12 weeks from application. It isn't an emergency fund, so if you're under time pressure, tell your adviser straight away.
Usually, yes, although plans have minimum amounts. A drawdown plan lets you take what the surgery costs now and keep the rest in reserve.
It may actually help. Some lenders offer an enhanced lifetime mortgage if you have certain conditions. Just answer the health questions accurately, because the lender may check with your GP.
Not usually for a problem you already have. Health insurance normally excludes existing conditions.
Many plans allow penalty-free partial repayments each year. Paying the whole loan off early can trigger an early repayment charge.
It can. Cash sitting in the bank may reduce means-tested benefits such as Pension Credit, so only release what you need.
An hour with this list now can save you weeks later.
If you or someone you love is waiting for surgery and you'd like to talk it through, my team and I are always happy to help, with no pressure and no obligation.
About the author
Graham Clelland
Director and co-founder, My Later Life · CeRER, CeMAP, CeFA, CMA, MLIBF
Graham has worked in consumer finance and advice since 1981, more than 40 years. He has been a mortgage lender, broker and financial adviser, and has specialised in secured loans, equity release and estate planning, including Wills, Trusts and Lasting Powers of Attorney.
He became an equity release adviser in 2009, later moved into estate planning as a Trust Officer, and in November 2017 returned to equity release to co-found My Later Life with Simon Oliver. The company has since won numerous awards for its service.
