Anyone considering equity release to unlock some or all of the value in their home will no doubt have one question at the forefront of their mind: How much can I release exactly? Questions such as this once required involving the help of a professional in the field to do the maths for you for a fee, which was certainly not a cheap one considering the little work involved. Thankfully, the equity release calculator not made freely available will not only help you find out exactly how much you could release, but also whether or not you even qualify in the first place.
Every financial institution will have their own rules and regulations regarding qualification for equity release, but there are certain details it will be necessary to disclose in order to progress past the first steps in the application Age calculator process. Details such as borrower’s age, property location, type, construction, whether it is an ex-council property and other structural details may all contribute toward the qualification of a property for equity release. You may also be asked to disclose information as the current mortgage status of the property.
Assuming the first stages are passed with flying colours, it is then time for the all important information as to what exactly you can expect to receive on completion of the process. Only a couple of details are normally needed at this stage, such as property value and age of the applicant. The calculations are all done for you and your golden number delivered.
The greatest aspect of the online equity release calculator, alongside the fact that it no longer requires the need to embark on a mission to an actual bank where little awaits other than stuffy meetings and pushy sales-pitches, is that it remains 100% obligation free! Therefore, even if you still aren’t sure whether or not equity release is a good decision, you can find out the ins and outs, whether or not you qualify and how much you could expect to receive, all with out the need to ever leave the house or commit to anything!
Of course, previous remarks aside, experts on the subject exist for a very good reason; that being that the matter is a pretty complicated one from a business standpoint. Furthermore, any information obtained online i designed to be interpreted simply as a guide rather than a concrete promise. True, if a company’s website tells you that you are approved for equity release, odds are that this is probably, though that golden number cooked up by the equity release calculator may be subject to change depending on a variety of circumstances.
Ups and Downs
Neither the financial nor property market exists in a vacuum and are both susceptible to external influence and pressures, which can be both beneficial or detrimental. For example, if the value of your property suddenly leaps, you can reap the windfall! Of course, the same is true for the opposite but fingers crossed that won’t be the case.
Either way, at some point you will have to speak to an expert to answer and questions or concerns not covered online, but at least this way your list of question will be much shorter and hopefully make the encounter a far less painful one!