Voluntary Repayment Calculator (Oct 2021)

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Try Our Instant Equity Release Switching Plans Calculator for Oct 2021

I think you’ll agree with me when I say:

It’s REALLY hard to find equity release switching plans with all the choices available.

Or is it?

Get the best interest-only mortgage quote available in Oct 2021

Have you been paying heft interest rates on your current equity release1 mortgage? Are you thinking about switching equity release plans but don’t know how to go by it?

Well, you’re not alone. If you took out equity release schemes a few years back, then you probably want to switch it up for some of the latest equity release products since they offer you several incentives like free valuations, cashbacks2 or no application fees.

So, for those who might be in the dark, why is it vital to change your lifetime mortgage plan and how much will you get after switching them out in Oct 2021?

Well, lucky for you, the voluntary repayment lifetime mortgage can help you do this. The mortgage scheme is a relatively recent innovation in the equity release market, and it can offer you flexibility in how you manage your equity release scheme’s balance in the future. It’s because they enable you to repay up to 15% of your original balance every year – whenever you want to and have the finances available to do so.

If you can make some form of monthly, annual or ad hoc repayment2, then the effect on the ultimate amount that you’ll have to repay when your equity release plan ends will be significant.

So, how can you figure out the amount of cash you can save up with the voluntary repayment plan? Well, you can do so by using the voluntary repayment calculator and here’s a detailed guide on it.

Well, like any other financial product, there are several costs associated with switching an equity release plan, and so you need to weigh your option before taking the next step.

The first factor you need to look into is the early repayment charges3 (ERCs). Older mortgage schemes have significant ERCs as they weren’t designed to be repaid early. Your financial expert will look through these as they could mean that it’s not in your best interest to change your loan plans now.

You also need to consider the costs involved. Setting up a new equity release scheme will incur potential expenses. The associated costs will vary based on the loan you want to switch to, but as per various equity release experts, they could cost you up to £2,000.

Lastly, you need to consider interest rates in Oct 2021. If you do switch your lifetime mortgage, you’ll continue to incur daily interest your current mortgage while your application is in progress. Your financial consultant can help factor in a further 60 days interest when calculating the precise amount needed on the application. You can also consider equity release as an alternative, and if you’re wondering: “How much equity can I release?” all you have to do is use our calculator.

Did You Know? A homeowner over 55 unlocks £91,667 tax-free cash every 12 minutes in the UK.

Got Questions? Check These First

How Can You Calculate the Amount You’ll Get after Switching Your Equity Release Plan?

How Do You Use the Equity Release Switching Plans Calculator?

Editorial Note: This content has been independently collected by the SovereignBoss advisor 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.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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