Home Equity Release Calculator

You don t need to have fully paid off your mortgage to do this.

Home equity release calculator. Put simply equity is the difference between the amount you owe on your home loan and the current value of your property. A n equity release calculator is a great tool to use if you consider releasing equity from your property an equity release calculator will help you understand how much tax free cash you can unlock. Our calculator will give you an idea of just how much money you could release from your home. Home equity loan calculator.

You can use the equity in your home plus your savings as the deposit when you buy a new house. Your equity release calculator results not only show you how much you could borrow with a lifetime mortgage the most popular type of equity release plan but you can also see how much money you could get using an enhanced plan if you have any health conditions and an interest only plan where you make monthly interest repayments. To get an idea of the maximum you could borrow with a second holiday home lifetime mortgage you simply need to input the value of your property which must be a minimum of 70 000 and in the uk the age of the youngest homeowner which must be at least 55 and your postcode to understand where you live as these are the. When buying a second home you could use some or all of the available equity in your current property as a deposit for your new loan.

Equity release is a way to unlock money tied up in your home with a loan when you sell the property the lender takes back the amount you owe from the sale and the loan is paid off home equity loans are only available to homeowners over the age of 55 and the amount you can borrow depends on your age. Here is how equity release mortgages work. Equity release is in a nutshell a way to unlock the value of your property and turn it into a cash lump sum. You can do this via a number of policies which let you access or release the equity cash tied up in your home if you re 55.

It s essentially a long term loan that s repaid using your home once you pass away or require long term care. How to use the second or holiday home equity release calculator. The type of equity release we offer is called a lifetime mortgage. As a reminder equity release is a way of turning some of the value from your home into tax free cash.