The improved confidence in the equity release sector has been borne by the industry providing accessibility to flexible and competitive products. Additionally, by introducing clarity, regulation and new online tools such as equity release UK calculators, customers can now partake in their own means of research to obtain information. These factors combined have seen a market spike in equity release enquiries, with an unsurpassed level of interest than ever before.
This openness about equity release has allayed many fears. The negative influences of the past have been quashed when lifetime mortgage schemes & home reversion plans weren’t clearly understood by all. Although these products were fully regulated, they had never been embraced as a source of genuine retirement provision for the over 55’s.
Granted further innovation has been effected in recent times by companies such as Hodge Lifetime with their flexible repayment option, but it has only taken until then for confidence to take hold. Additionally, Stonehaven have gone against the grain with its range of interest only lifetime mortgage plans but this has been some time in the making.
This has all come about by the equity release lenders playing a leading part.
However, recognition must go to the various equity release brokers who have introduced their own means of building confidence in the equity release process. The brokerage sector has also adapted by devising tools and applications to help customers understand different products and find out how they would work in their personal circumstances. One of the most significant of these applications is the equity release calculator. Let’s look at equity release UK calculators and how they have made things much easier for the customer.
Until a few years ago, that is before the advent of free and instant equity release UK calculators, customers who wanted to find out the maximum amount they could potentially release given their age(s) and property valuation, had to literally go from door to door to each provider for an answer. This was an awfully tedious process simply to obtain the answer to a very basic question.
But then some providers and independent companies like Equity Release Supermarket started to offer the online equity release calculator. The idea was simple – users had to enter some basic information, including age and property value, so that the calculator could go through different equity release plans to find out the maximum potential release for the given age and valuation.
This not only made it much easier for customers to understand how equity release plans could work for their particular situation, but also benefitted providers by making the process easier and attracting more customers. At the same time, companies like Equity Release Supermarket that offer independent advice could inform customers quickly and efficiently through this simple free online service. Confidence was starting to return.
With the latest technology, retirees can now browse on their laptops, Ipad’s, Iphone's, androids, Mac’s or the trusted desktop PC within the comfort of their own home and gather all the information they need at their fingertips. With the biggest growth area of the internet being the ‘silver surfers’ what better way to encourage online growth for the over 55’s and at the same time save hours and cost on the telephone.
Today, equity release UK calculators are commonly available, and most providers and advice companies have their own calculator on their website. However, beware of those who purport to provide a calculation, but merely gather personal data for marketing purposes. A true online equity release or lifetime mortgage calculator won't need to hide any maximum calculation results for their own gain.
Upfront and personal, as they say, should be the key to a quality equity release calculator!
Taking the calculations one step further are some independent equity release information companies, for instance CompareEquityRelease.com who now offer not only the standard terms, but also a calculation free of charge, based on an impaired life. This means that should any potential applicant suffer from any qualifying illnesses, then a greater maximum lump sum could be expected. The enhanced lifetime mortgage calculator has therefore also evolved.
Furthermore, with the introduction of the interest only lifetime mortgage deals, new interest only lifetime mortgage calculators have been developed. Therefore, people looking to repay some or all of the interest charged can now benefit for the latest tools on the market to ascertain how much these schemes could possible lend. Technology evidently has had its part to play in the development of breeding confidence within the equity release market.
These new breed of equity release advice centres do seem to offer free, transparent and user friendly equity release UK calculators that show an unbiased & independent picture of the maximum equity release amount you could release from your property, healthy or otherwise.
To calculate the maximum equity release currently available based on your own personal situation click here or call 0800 678 5159 to speak to an independent equity release adviser.