Perhaps the most important and pressing concern you have when it comes to deciding whether or not to take advantage of an equity release scheme is how much you can borrow. If you are here, and thinking about taking advantage of a product, it is likely because the idea of releasing equity from your home and enjoying the cash during retirement sounds appealing. However, it might only sound appealing if you know you’ll receive enough cash to make it worthwhile. You might have something already planned for the money and need to know if what you can release will cover the expense. You need to know if you can afford that lavish vacation you could never take before or the expensive car you could never afford when you were working. So, how do you know how much you can borrow?
We can help. It is actually quite easy and straightforward to get an estimate of what you can borrow. Give us a few key details and we will let you know the amount you’ll likely receive from an equity release product. And we can even tell you what amount of cash you can expect to receive from the various different lifetime mortgage products. Perhaps you are unsure if you want a voluntary repayment plan or a drawdown one. Knowing how much you can release from both might help you to make your decision.
Let us know your age and if borrowing jointly, the age of the second borrower. We will also need to know your gender, the estimated value of your home and the balance of any outstanding mortgage. We will let you know how much equity you’ll likely be able to release. Depending on those few personal and financial pieces of information, we can let you know the maximum release for which you are likely eligible as it relates to lifetime mortgages.
You can also use our calculator for other purposes as well. Perhaps you have an equity release plan already, but you hope to switch to a new one. We can help you determine if that is a good financial move for you and how to do it effectively. And of course, we can always help you learn more about how equity release could impact the inheritance you want to leave behind to your loved ones or how receiving an equity release could ultimately impact your means-tested benefits.
While our equity release calculator can give you a good idea of how much equity you can release, which can help you in your decision-making process, the insight you can receive from a professional cannot be overstated. We are always available to help you determine the best equity release scheme for your specific situation. We are available to you in whatever mode of communication is best for you. Reach out to us today with all of your equity release questions and we would be happy to help you. We even have the option for you to ask us a question below.