With people over the age of 55 seeking alternative financial ways to help them to achieve their personal goals, it is becoming increasingly evident that equity release loans are attaining a reasonable quantity of interest via internet search engines. Many people first like to conduct their own research and look for websites that giver them all the information they need, without obliging the customer to enter their own personal details. Our equity release calculator exactly fits the bill.
Equity release calculators make it possible for people over 55 to ascertain whether they can raise enough finance from their property to fund a particular project or significant purchase. By computing the maximum equity release possible the calculator will assist people determine whether their objectives can be completely satisfied by using equity release, or whether contingencies need to be made.
Others see the advantages of an equity release calculator as a way of evaluating how to supplement their pension income, which may have actually lost a lot value in real terms over the past couple of years. With annuity rates having actually fallen significantly over the past years, the current return on a capital lump sum being invested for long term income, has become less popular with customers and many are now uncertain whether an annuity now offers good value for money.
Whatever your reason for wishing to learn more about equity release schemes, the very best location to begin to find out just how much can be borrowed is our equity release website www.best-uk-equity-release.co.uk. We explain the maximum you can borrow, likely costs and charges and potential repayment amounts – all via our equity release calculator. For individuals looking towards equity release as an option then a conversation with a fully qualified equity release adviser is an essential step towards understanding more about exactly what an equity release plan can offer. However, by initially utilizing an equity release calculator, such people can enter into the discussion with a little bit of additional info which may assist to make the proceedings that follow a lot easier.
It is important to keep in mind that if you suffer from ill-health either now or in the past then you could qualify for a boosted life time mortgage which takes any reduced life expectancy into consideration. If you do qualify for an enhanced equity release plan then you will be provided a higher maximum lump sum than normal – however as it is not possible to factor all the underwriting considerations into our equity release calculator you will need to request a bespoke quote
Companies providing improved equity release and similar plans are Aviva, Partnership, more2life and more just recently Just Retirement with their Lump Sum Plus Strategy. Discussing your circumstances with an Equity Release Council (ERC) & Financial Conduct Authority (FCA) regulated equity release consultant will undoubtedly provide additional information and whether you can get approved for the lump sum you require.
What will our Equity Release Calculator tell you
In order to acquire an accurate life time home loan calculation the equity release loan provider requires the following information as a minimum:–.
- the value of the property.
- the property type (e.g. residence or flat).
- the age of the youngest applicant.
This data will allow us to calculate the maximum amount of money that can be released released for a healthy individual.
You may potentially achieve a greater lump sum than conventional rates if you are considered to have an impaired life expectancy. You may qualify for a larger initial equity release loan (sometimes described as an ‘enhanced’ or ‘damaged’ equity release policy) if you have suffered with any of the following ailments,
- angina, cardiac arrest, coronary bypass surgery or angioplasty.
- diagnosed with cancer, leukaemia, Hodgkin’s illness, lymphoma, tumour.
- diagnosed with diabetes which is managed by medication or insulin.
- If you smoke more than 10 cigarettes or rolled tobacco every day.
- high blood pressure (hypertension) which needs medication.
- Previously had a stroke (CVA).
- diagnosed with MS (multiple sclerosis) or Parkinson’s illness requiring use of a strolling stick or aid.
- taken early retirement due to ill-health?
The amount shown on an equity release calculator is the maximum tax-free cash lump sum possible, and this makes it a great information tool that will allow you to start conversations and investigations about the implications of equity release and exactly what the next steps are. Luckily, once the results are provided you can request to make contact with a regulated equity release adviser, who can then aid you in making additional suggestions about a suitable equity release plan.
Some individuals might choose to obtain a smaller sized home mortgage than what is shown to be available on the calculator, and this is possible. Do not presume you ought to always take the maximum equity release. This will deteriorate the remaining equity in your home quicker than by taking a lower preliminary amount. If you take lower than the maximum equity release you will most probable be able to take further top-ups in the future.
If you are looking to use equity release to supplement your retirement income then any professional equity release advisor will encourage you take your initial loan only to provide for your first 12 months of financial support. With the introduction of drawdown equity release plans, you can take the remaining tax-free annual sums as and when you require them.
When you are initially making enquiries into equity release and need help and information about the factors to consider regarding home equity release then our on line equity release calculator is a fantastic location to start. You will even have the opportunity of printing the calculation so that you can refer to it when you need it.