Are you a UK homeowner eager to find an equity release quote?

In the second quarter of 2023, homeowners tapped into an impressive £664m through equity release.¹

Getting an quote could determine whether this is an option you would like to pursue.

With hours of research and years of experience behind us at SovereignBoss, we can offer you a holistic overview of the market.

That means you will be getting FREE and up-to-date advice on the regulated equity release market in the UK.

Let us help you track down a quote that could be a good fit for you.

What Is Equity Release?

Equity release is a financial arrangement available to homeowners, primarily in the UK, that allows individuals aged 55 and older to access a portion of the equity tied up in their property.

There are different equity release schemes, with the two main types being retirement mortgages and home equity reversion plans.

Understanding Equity Release Quotes

An equity release quote provides a snapshot of the potential funds you can access from the value tied up in your home.

It reflects your property's worth, your age, and often, market conditions. But it is essential to understand that not all quotes are created equal.

Factors like interest rates, the type of scheme, and hidden charges can all influence the amount you eventually receive.

By fully grasping the nuances of your quote, you ensure that the wealth locked in your home is utilised in the most beneficial way for your unique circumstances.

Where Can You Get an Equity Release Quote?

You can obtain an quote from reputable financial institutions, specialist brokers, and dedicated online platforms.

Additionally, many banks and mortgage providers offer this service.

It is recommended to approach multiple sources to obtain varied quotes and to always ensure that the provider or adviser is regulated by the appropriate financial authority.

Why not start by trying our easy-to-use equity release calculator?

Can You Get a Free Quote to Release Equity?

Absolutely, most providers or financial comparison websites provide free, no-obligation quotes for equity release.

These can help homeowners gauge the potential cash amount they may release before proceeding with a full application.

Why Compare Equity Release Providers?

Comparing equity release providers is critical to ensuring you get the best deal.

Different providers offer varying interest rates, product features, and benefits.

Currently, equity release rates are between 5.97% to 6.28%*

* While we regularly review our rates, these may have changed due to changing market conditions since our last update.

By comparing quotes, you can identify the best equity release plan that suits your needs and financial circumstances, potentially saving thousands over the loan's lifespan. 

It is not always about the maximum equity release amount that you can get, factors like flexibility and portability can also affect the plan.

It is best to compare equity release providers with the help of a qualified equity release advisor or broker to find the best deal suited to your circumstances and goals.

Requirements for Obtaining an Equity Release Quote

To obtain a quote, providers typically require information about your age, property value, and any outstanding mortgage balance.

Additionally, they may inquire about your health and lifestyle, as certain plans provide more favorable terms for individuals with specific medical conditions or ways of living.

Compare Equity Release Interest Rates and Deals

Comparing interest rates and deals can help you choose the most cost-effective equity release plan.

Look at both the annual percentage rate (APR) and the overall cost for comparison (OCC) to understand the total cost of the equity release over its term.

Also, consider any additional features or benefits included in the deal, such as drawdown facilities, inheritance protection, the ability to make partial repayments, or minimal early repayment charges.

For the most effective comparison of equity release interest rates and deals, it is best to consult an equity release advisor or broker with extensive experience across the market.

Currently, equity release rates are between 5.97% to 6.28%*

* While we regularly review our rates, these may have changed due to changing market conditions since our last update.

Get a Quick Equity Release Quote With Our Easy-To-Use Tool

Our easy-to-use tool allows you to obtain a quick quote tailored to your circumstances.

Simply input your information, and our calculator will present you with an estimate of the potential equity you could release.

Remember

This is an estimate, and for a more accurate quote, consider consulting with a professional financial advisor or broker.

Common Questions

In Conclusion

Understanding the intricacies of equity release quotes is fundamental for any homeowner considering this route.

It is crucial to consider the cost, the amount you can release, the reliability of online quotes, and the frequency at which these quotes change.

Comparing multiple quotes can help you secure the best deal possible, tailored to your personal circumstances.

Remember, while the initial figures may seem appealing, the long-term implications, including compounded interest and reduced inheritance, should be carefully considered.

Therefore, always seek professional financial advice before moving forward with any equity release quote.