Difference between an equity release calculator and mortgage calculator and remortgage calculator?
Equity release allows you to unlock some of the capital tied-up in your property and switch it into cash. You’ll get a tax-free payment or ‘drawdown’ smaller amounts of cash as and when it’s needed.
The cash sum raised against the worth of your home is repaid when the house is sold. If the house is owned by a couple, the cash isn’t usually repayable until the death of the second partner. With many of us feeling the impact of the Covid pandemic, a lifetime mortgage could offer a welcome financial lifeline for 2021.
Equity release calculator
An equity release calculator from Joslin Rhodes can offer you an estimate of what proportion equity you’ll release from your home. With an equity release calculator, UK residents aged over 55 who have built up some property wealth can determine what proportion they will access without selling and moving out. It tells you ways much you’ll borrow supported the worth of your home and your age.
When you are within the market to shop for a property, a mortgage calculator tells you ways much you’ll borrow based mainly on your earnings, your debts and therefore the deposit you have saved.
After you’ve got bought a property you’ll want to free some extra cash to renovate, extend, or to fund other expenses. This is often where a remortgage calculator comes in – it helps you calculate what proportion extra you’ll borrow supported the equity you’ve got built up within the home, your income, and your outgoings.
Take expert advice
Equity release may be a long-term commitment that will affect the worth of your estate, also as any means-tested benefits to which you’ll be entitled. It’s important to always seek expert advice to completely understand how equity release could assist you and what effect it could wear your finances.
With the Telegraph Media Group Equity Release Service, a professional equity release advice specialist from Responsible Equity Release is out there for a free no-obligation initial consultation at a time that suits you. They will answer your questions and provide a customized illustration showing what proportion your equity release plan is probably going to cost over time, given the present equity release interest rates.
The adviser will talk you thru the range of products available to assist you to opt whether equity release is your best choice. They’re going to only ever recommend products from lenders who are members of the Equity Release Council, meaning that they need the very best standards of customer protection. This suggests you’ll be covered by the “no-negative-equity guarantee”, ensuring that you simply will never owe quite the worth of your home.
The Telegraph Media Group and Responsible Equity Release hold the security of our customers within the highest regard, particularly within the current pandemic, which is why you’ll now access expert advice during a sort of ways. Whether it’s face-to-face, over the phone, or by video call, the selection is yours.