Equity Release Calculator in Aug 2022

How Much Money Can You Release?

 

Equity Release Calculator

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How Much Cash Can You Release With an Equity Release Plan?

Find Out the Amount of Cash You Can Unlock in Aug 2022 With Our UK Release Equity Calculator. It's Free & It's Fast. Get Started Now.

Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui

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Here’s an equity release calculator to help you discover if you’ve been sitting on a goldmine without even knowing it!

When you use our calculator, no documentation is required, and the results are instantly sent to your email address.

As experts in our field, we discuss the following in this article:

    Why use us?

    Our team consists of some of some of the most knowledgeable people in the field.

    We’ve spent countless hours reviewing more than 690 plan options, and we’ve used the latest technology to create this accurate tool for you to try.

    So, are you wondering what will determine how much equity you can unlock?

    Find out now!

    What’s Equity Release & How Does It Work?

    An equity release mortgage is a loan that you’ll take against the value of your home, while still having permission to live in your property.

    The equity release loan and interest incurred are repaid when the oldest homeowner dies or moves into a facility for long-term care.

    How Do You Calculate Equity Release?

    To calculate the amount of equity you can unlock from your home, the following will be considered:

      • The youngest homeowner’s age.
      • The property’s value.
      • Any outstanding mortgage/secured loans.

    Equity release plans start for individuals or couples aged 55 or over.

    The maximum amount that someone who’s 55 can unlock is 29.5% of the value of their estate¹.

    Each year, that amount will increase at 1% on average, capping at 59.28%.

    What Percentage Can You Get on Equity Release?

    The percentage you can get on equity release will depend on your age, your property value, and with an enhanced lifetime mortgage, the state of your health.

    As you know by now, the Loan to Value (LTV) that you’ll qualify for is very much determined by your age.

    To make things easier, we’ve done the calculations for you.

    Here’s the percentage of the best equity release deals you can get if you’re healthy or fit the criteria for an enhanced lifetime mortgage.

    What’s the Maximum You Can Get on Equity Release?

    The maximum you can get on equity release is approximately 59% of your property’s value.

    Various factors can affect the final amount you can release, including your age and certain aspects of your property, such as where it’s located and what kind of property it is.

    How Much Equity Can You Release?

    You can release between 20% and 100% of the value of your home, depending on how you choose to release the equity from your home.

    A lifetime mortgage will enable you to release between 20% and 60% of your home’s value, whereas a home reversion scheme will increase that percentage to between 80% and 100%.

    How Much Will I Pay Back With Equity Release?

    You aren’t required to pay back any of your equity release loan during your lifetime, or at least not until you go into long-term care.

    When you pass away or enter permanent care, your home is sold to cover your equity release loan and the interest that has accumulated over the term of your loan.

    The actual amount that will have to be paid back depends on the interest rate you could secure with your provider and whether any repayments were made before settlement.

    It’s vital to discuss all of your options with your equity release adviser to determine whether you can repay some or all of the interest on your plan and whether you’ll be charged early repayment charges² if you decide to settle your loan early.

    3 Reasons Why You Should Use Our FREE UK Equity Release Calculator

    1. It’s the first step towards unlocking your dream retirement. It’s quick, easy, and you’ll get your results immediately. The equity loan calculator is the perfect way to get a sense of the amount of cash you could unlock in just 8 seconds.
    2. We’ll protect your personal details. In addition, by using our calculator, a specialist from Age Partnership will give you a call to discuss your options and any questions you have.
    3. We’ll instantly email your results. It’s that simple.

    How to Use Our Free Equity Release Calculator

    To use our equity release calculator, you simply need to enter the following information:

      • The approximate value of your home
      • Your age
      • Your contact details

    How Does An Equity Release Calculator Work?

    An equity release calculator works by analysing your age and property value to calculate your maximum and minimum borrowing amounts.

    Generally speaking, the older you are, the more you’ll be able to borrow.

    What Information Is Required To Use an Equity Release Calculator?

    The following information is required to use most equity release calculators:

      • Your contact information
      • An estimate of your home’s value
      • The outstanding amount on your existing mortgage

    Equity Release Calculator Results Explained

    Equity release calculator results are only intended to be used as a guideline. 

    An accurate quote can only be obtained following an official valuation³ of your home and a consultation with your equity release or financial advisor.

    Your unique set of circumstances will determine the final amount you’ll be able to release from your home. 

    In Conclusion

    Now that you’ve got a sense of how much equity you could unlock, you may be wondering what to do next. 

    It’s important to note that the industry is Equity Release Council regulated, whose role it is to protect the consumer.

    However, even so, there are pros and cons for you to explore, and it’s important that you weigh these up before making your decision.

    Whether you go for a lifetime mortgage or rather a home reversion scheme, with the right advice and guidance, equity release can be a fantastic way to fund your retirement.

    Your first step is to try our FREE equity release calculator right now!

    Common Questions

    How Is Equity Release Interest Calculated?

    What’s the Cost of Equity Release?

    How Much Equity Could I Release From My Property?

    What’s The Benefit Of Using An Equity Release Calculator?

    Editorial Note: This content has been independently collected by the SovereignBoss team and is offered on a non-advised basis. SovereignBoss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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