UK Home Equity Release Calculator Without Personal Details
If you are in the early stages of planning to finance your retirement or repay an existing mortgage, your first stop could be our equity release calculator without personal details.
Equity Release
Free Equity Release Calculator Money Saving Expert
Because Martin Lewis is well-known and respected, many people are looking for an equity release calculator from MoneySavingExpert.
Some people just want to read a free guide as they do not trust independent advice from a broker. Most people have a good idea about their property value and want to calculate equity release and the related interest payments for themselves.
The drawback with an equity release product recommended by an equity release calculator is you may miss out on a monthly equivalent rate offered by medically enhanced plans, where the maximum amount you can release is much higher.
The good thing about an equity release calculator is that you will get near instant results, but a few details more may be required about the youngest homeowner. It’s often an equity release lender has property value requirements hidden in the small print of the loan.
How much equity release can I get based on guidance from the Equity Release Council?
Even following the Equity Release Council rules, with an equity release plan, you can release up to 51.3% of the value of your home, with an equity release lender like more2life, with the no negative equity guarantee still in place.
You can save more money by getting the basic details of the advice fee, as many lenders insist that brokers offer value by charging a fixed advice fee.
I am married, do I need a joint lifetime mortgage to release tax free cash?
Yes, the age of the youngest homeowner is the key to get the lower interest rate. The best solution to find the most competitive annual equivalent rate is to find an advisor and get equity release advice regulated by the Financial Conduct Authority.
You will need to put in the details of the youngest applicant into the online calculator before finding out how much you could release, and if your personal details affect the early repayment charge.
The mortgage agreement will have to go in joint names.
If you have an existing interest only mortgage and any secured loans, these will have to be paid off by the loan amount first.
A free equity release calculator may not give you information about a retirement interest only mortgage or tell you other information about the impact on your means tested benefits.
The equity release calculator has illustrated an equity release plan that I think has uncompetitive interest rates. What do I do?
When you want to release equity, you may be shown a lifetime mortgage that is a higher rate that a younger person is offered. Lifetime mortgage products are different and have different rates because of the compound interest roll up. This means the debt grows over time and the youngest applicant cannot be evicted from the home.
The lender only has the main residence as security, and you do not need to prove income to make monthly payments like a standard mortgage.
The lifetime mortgage for many people is a much better option than a home reversion plan, but you may need further information about the likelihood of your need for long term care.
With any loan secured on your own home, any UK homeowner should think hard before signing a credit agreement, but most lenders
What about the equity release drawdown calculator? Will my equity release advice cover this?
Yes, you do not have to exploit the property worth at the start of the lifetime mortgage. The maximum amount can be accessed later in the product life. Single or joint applications require the minimum amount to be borrowed, but you can save interest by leaving the large mortgage to later in life.
When I calculate equity release, will the independent advice cover the concept of compound interest thoroughly?
Yes, as with any lifetime mortgage product, all the issues around compound interest, property value, the valuation of your property type and how to manage other debts will be explained in full before you sign anything, not at a later date.
