Find out how much you can release
Use the equity release calculator below to discover how much money you could release from your home, for anything from bills to the purchase of a second home or a holiday home. Once you have received the estimate from our lifetime mortgage calculator, contact us for financial advice relating to equity release, and we will inform you of the further details that may affect your decision such as interest rates, receiving a lump sum vs regular instalments, and the repayment requirements.
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An equity release calculator is a useful tool for anyone who is considering releasing money from their property as a way of boosting their income before or during their retirement.
All you have to do is fill out your details, which involves selecting the type of property you own (e.g. a house or an apartment), the estimated value of said property, and your age (which must be over 55).
The calculator will calculate how much you may be able to release from your home. This is an estimate, so the figure may change when an advisor learns more about your situation and advises you on the amount that you can borrow when you apply for a loan.
To get a more accurate idea of the amount available, get in touch with us and we will provide you with a quote that reflects the demands of lifetime mortgage lenders.
We recommend using our calculator as it is quick and easy to use. It’s a great way to see how much tax-free cash you could receive without having to make an estimate yourself. We keep your data safe, so do not worry about entering your details below.
What’s more, we do not ask for personal details until you call us, so you will not have to input your name, address, or anything else linked to your identity.
Equity release involves taking out a loan on your house that you do not have to repay on a monthly basis, but instead, is paid back when your property is sold after you die. The borrower is usually expected to stay in their house for the rest of their life as part of this agreement.
There are many equity release plans available. They come under two general types: lifetime mortgage and home reversion.
We recommend finding a firm that is regulated by the financial conduct to learn more about this. One way to do this is to contact us on 0330 058 1579. We are available to talk to on a daily basis from 8am-8pm.
This type of equity release involves taking out an equity release loan with a fixed interest rate that must be paid back when you pass away. There are many different plans you could settle on, including (but not limited to) the voluntary repayment plan, the income-only plan, and the interest-only mortgage.
There are often borrowing limits for this type of mortgage, which tends to be 60% of the value of your property as a maximum.
If you attempt to repay the mortgage early, you could face strict penalties of up to 25%, so it is not advisable to do this.
It goes without saying that the loan you receive will be dependant on various factors, including the property’s value, your age, your location, whether you currently have a mortgage that needs to be paid off, your health, and the equity release provider that you decide to go with.
People also choose to manage their money in different ways, so you could receive the income each month to help you with ongoing payments, or you could release the money all at once to pay for something more significant.
The rate of interest will vary depending on the scheme you select and the provider you are lending from, so this is something to consider before you make a commitment. However, the good news is that the cash is tax-free so you could receive a very healthy amount.
Again, there is not one answer for this, as it depends on the various factors stated above. However, as a general rule, you could receive between 20-60% of your home’s value as a cash lump sum or in monthly payments when you use equity release.
You must keep in mind that equity release can affect your entitlement to means-tested benefits, but this is something we can discuss with you if it is applicable.
The Equity Release Council, or the ERC, is an organisation that deals with the fine print of equity release to ensure borrowers know what they are getting into when they seek equity release advice. If you stumble upon any problems when you are releasing equity from your home, the ERC can step in to ensure the process is fair.
This occurs when you have to pay back more than you owed to begin with. This can occur if the financial situation changes dramatically i.e. if your home drops in value by a significant amount.
Fortunately, equity release providers take this into account, so they tend to provide a no negative equity guarantee. This means you will never have to repay more than you borrowed, which is reassuring in terms of your current financial needs, as well as the inheritance that you may decide to leave to your loved ones.
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