Try Our Free Equity Release Calculator

Find Out How Much You Could Raise With Our Free Equity Release Calculator

If you are thinking about releasing money from your home, Lending Expert offers a free equity release calculator so you can see how much you are eligible to borrow.

We do not require any personal details and you only have to submit some very basic information to see the rates offered and the amount you can borrow.

We simply require:

• The age of your youngest applicant
• The value of your property
• Mortgage balance
• Any other charges on the property e.g second mortgages

 

 

What is Equity Release and How Does it Work?

Equity release offers a way for homeowners over the age of 55 to release cash that is tied up in their home. If you have been paying a mortgage for several years or own the property outright, you can sell off a stake or equity in your home and release a large sum, which is tax-free too.

Raising finance in this way has become increasingly popular for things like topping up your pension, paying off debts, giving money to children or making home improvements. 

You can continue to live in your home until you die or you go into long-term care – and the same applies for your partner too.

You are charged a fixed loan amount and monthly interest rate (around 3% per month) and this can be repaid each month or when you have passed away and the equity release provider has claimed their stake or sold your property.

 

Am I Eligible?

• You must be over 55 years of age (just you, your partner does not necessarily)
• Homeowner – either owning the property in full or in part
• UK and overseas properties considered
• No need to be full-time UK resident

 

 

Are you interested in finding out more? You can speak directly to an advisor on 0161 820 8099

 

Use Our Equity Release Calculator to Find Out

• How much you can borrow/release from your property
• The interest costs 
• The interest rates

 

Lifetime Mortgage Calculator

A lifetime mortgage calculator shows how much you can borrow or release from your home. This is around 20% to 60% of the property’s value, depending on your age, since the older you are, the higher the percentage you can release (since the lender is closer to recovering their debt).

A lifetime mortgage is the most popular type of equity release which essentially allows you to borrow money against your property, for the remainder of your life, hence the name ‘lifetime.”

You can choose how much you wish to release and also put money aside for your children’s inheritance or other purposes. 

You can continue to live in your home until you die or go into long-term care and benefit if the house goes up in value over time. 

At the end of the loan term, the lender will claim their stake in the property, which may involve selling it on the open market to recover their funds. Additionally, your beneficiaries may be able to buy this stake from the lender, just in case they want to keep the home in the family.

 

Home Reversion Calculator

A home reversion calculator will indicate how much you borrow if you are physically looking to sell off large chunks of your home. With home reversion plans, you can borrow as much as 80%, 90% or 100% of the property’s value, but you are effectively selling off the property to the equity release provider.

This means that you will receive a much larger lump sum and can continue to live in the property until you die or go into care. However, you will not benefit if the property goes up in value and you may not be able to pass this onto your beneficiaries. 

 

See How Much You Can Borrow With Our Equity Release Calculator

Try our equity release calculator from Lending Expert and see how much you could be able to borrow.

You can typically release around 20% to 60% of your home’s value through a lifetime mortgage and up to 100% with a home reversion scheme.

If you are younger (around 55), this will allow you to borrow a maximum of 29.5% and 43% if you are medically enhanced.

As you get older (75-100), you can incrementally borrow more, up to the 60% mark, since the lender assumes that the loan term will be shorter and they will recover their funds sooner.

 

What Are The Different Repayment Options?

With an equity release calculator, you can see how much interest you are repaying each month (around 3-4%). You have the option to roll-up the interest until the end of the loan term and the final balance comes out of your estate. 

You can also pay interest only, which is a lower amount each month and means that the remaining repayment will be collected at the end of the loan term or sale of the property.

You will always have the option to make overpayments if you would like or pay off the loan if full if you want to repay the loan early. 

 

Important Things to Consider When Using Our Calculator

Before jumping into an equity release mortgage, there are some key things to consider including:

• Using equity release may reduce the amount of inheritance you leave for your children
• Using this type of product may impact your eligibility for state benefits
• Interest will compound and the longer you live, the more interest will accrue
• Repaying early may be subject to an early repayment charge
• Whilst not obligatory, it may be worth consulting your financial adviser

 

Use Our Free Equity Release Calculator and Speak to an Advisor Today!

Lending Expert offers a free service to compare the rates and terms from some of the leading equity release companies in the UK.

See how much you can potentially release from your home with our equity release calculator provided. Make sure that you have some information handy including the value of your property and how much equity you have in it.

It is completely free to use our service and to make an inquiry today. We will only receive a fee from the provider if your application is successful.