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Use the FREE Monthly Income Calculator
See how much cash you can get from your home.
Did You Know? Every 12 minutes a homeowner over 55 in the UK unlocks £91,667 tax-free cash.
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Are you considering equity release as a way to get some extra cash? We're telling you everything you need to know about the monthly income calculator so that you can determine what amount you'll be able to loan.
Have you been having migraines thinking of ways to supplement your meagre income? Did you retire but aren’t confident about your pension fund1 (you probably didn’t save up enough)?
Well, worry no more because, with the income lifetime mortgage, you can get that extra capital you need to help you fund the home improvement project, buy out your spouse after the nasty divorce you’ve had or even pay off the stacked up bills that have been staring at you.
The income lifetime mortgage is typically a lifetime mortgage plan that allows homeowners aged 55 to receive a monthly income from the capital tied up in their estates. Unlike with most equity release mortgages2, the income lifetime mortgage enables you to borrow lump sums3 of cash.
Moreover, the income mortgage schemes enable you to draw a fixed income from your estate’s market value over various periods. You either choose to get the tax-free cash over 10, 15, 20 or 25 years.
If you don’t necessarily require a considerable amount of capital to pay off your mortgage or pay for that ticket to Maui, and would prefer the security of having monthly income paid into your bank, then an income lifetime mortgage is your best option.
So, how does one figure out the amount they can get from an income mortgage plan? Well, you can do so by using the monthly income calculator and here’s a comprehensive guide on it.
Our Most Commonly Asked Questions
It’s typically an equity release plan that enables you to top up your pension income through acquiring a fixed income5 every month into your mortgage plan. It’s the ideal option if you want to supplement your pension fund or regular payment if you’re still working even after retirement.
It’s also incredible if you need to maintain your lifestyle or fund that vacation destination.
Well, to figure out how much you can get from an income lifetime mortgage plan, you can use the income lifetime mortgage calculator and input:
- The estimated value of your estate – which needs to be at least £100,000 and not over £4m
- The youngest homeowner’s age – which should be at least 55 years and not over 90
- Your postcode – your home should be within the remits of the UK
- The term over which you’d like to receive your income – you can choose for it to be in 10, 20, or 25 years
Well, like all other equity release mortgage schemes, the income mortgage loan allows you to untie the capital locked up in your estate by turning it into a monthly income.
The amount you get plus all the interest accrued is paid when you die or move into residential care. With this mortgage, you can also choose whether to withdraw the capital in a lump sum, in drawdowns or as a combination of both.
The income lifetime mortgage, unlike other plans, also offers you a monthly fixed income over an approved period, which is mostly between 10-25 years.
Well, based on most equity release companies, to qualify for the income mortgage scheme, you have to:
- Own a home worth more than £100,000 but not over £4m
- Your estate should be within the remits of the UK
- The youngest homeowner should be 55 and above, but not over 90 years
Moreover, the minimum initial amount you can receive from this mortgage loan is £2,500 to help you in paying for the set-up charges.
The minimum income mortgage amount you can receive is usually £200 per month, and the mortgage lenders offer you have several options to get the money over 10 to 15, or 20 to 25 years.
To figure out the maximum amount you can borrow with the income lifetime mortgage schemes, you must use the income calculator that requires you to input:
- The estimated value of your estate. According to the Equity Release Council4 (ERC), it should be at least £100,000 and not over £4m. The house should also be within the remits of the UK
- The youngest homeowner’s age. He/She should be at least 55 years and not over 90
- Your postcode, to determine where you reside
- The term over which you’d like to receive your income. It can be within ten, fifteen, twenty or twenty-five years
These are the criteria that most mortgage providers use to decide how much equity you can borrow. You don’t have to alleviate your high blood pressure thinking about where to get the funds for that bathroom renovation.
It’s a very safe option if you choose to take out an income lifetime mortgage nowadays. And it’s the easiest thing ever to calculate how much extra cash you qualify for by using this monthly income calculator! For any further question, feel free to contact us directly.
How Much Can You Release?
Most people are using Equity Release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.
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