At Equity Release Supermarket, we pride ourselves on being the only equity release and later life lending broker that offers you a comprehensive range of equity release calculators to use.
If you’re researching equity release and wanting to calculate how much money you could release from the value of your property, then you’ll find that most websites offer you just one calculator.
This is typically for a lump sum lifetime mortgage simply because with these types of plans, you can borrow the maximum available as a single lump sum or one-off amount.
That’s fine if you’re looking to borrow the most that you can, but at Equity Release Supermarket we find that our customers have a wide variety of needs and financial goals they want to fulfil. We always believe in being open and transparent, and want you to have access to as much information as possible while you are deciding if equity release is right for you.
That’s why we developed our free to use range of tools, so that you can easily find an equity release calculator that meets your specific needs.
Besides, lump sum lifetime mortgages are not as popular as they used to be and have been overtaken by drawdown lifetime mortgages, which allow you to borrow your money in ‘chunks’ over time.
Once you have borrowed an initial amount (typically £10,000), the rest of your available pot of money is held by your lender in a cash reserve which you are free to dip into as and when you need to in the future. The main benefit of doing this is that you only pay interest on the amount borrowed and so drawdown lifetime mortgages are a popular way to manage the interest accruing on a lifetime mortgage.
We’re also finding that as more older people are coming to the end of their interest-only mortgages and their bank or building society isn’t willing to continue to lend to them in retirement (mostly because it’s difficult to prove your income in retirement and you must pass the lender’s affordability checks to qualify), our interest-only lifetime mortgage calculator is becoming increasingly popular.
With this lifetime mortgage, you repay the accruing interest monthly and so only the initial amount borrowed is repayable when your plan ends. The real beauty of interest-only lifetime mortgages is that there are no affordability checks to pass and so long as you are a homeowner aged over 55 and your property is valued at over £70,000 – you’ll likely qualify. They are proving to be a real lifesaver for homeowners with residential interest-only mortgages to repay and no liquid assets with which to do so.
Our calculator range doesn’t stop there, and we currently have 9 different ones for you to use, covering the majority of equity release plans that are currently available in the market.
These include enhanced plans for those with existing health conditions – which enable you to borrow more, plans for those with second properties, such as holiday homes or buy-to-let portfolios and voluntary payment plans, where making ad hoc repayments when you have the funds available, could reduce the final amount to be repaid.
We even have a calculator for home reversion equity release, the forerunner of today’s range of lifetime mortgages.
If you’re not sure which equity release calculator you need, you can also find out more about the range of lifetime mortgage plans available on the market, or alternatively you can get in touch with us today. Speak with your local Equity Release Supermarket adviser on 0800 802 1051 or email us at [email protected].