March 11th, 2015
Lifetime mortgage calculators have evolved from the simple concepts they were in the early days of equity release schemes. Technology has ensured that you can get more answers from these calculators as a retiree than ever before including creating an all-in-one that offers results for all equity release products on the mortgage. In fact these calculators have become so useful to the population that it is perhaps the most used online tool for equity release today. Numerous other tools are being created around these calculators including equity release comparison tables. Learn more facts about calculators to determine how they can truly be a help to you.
Lifetime Mortgage Calculator
Depending on whether it is an all-in-one calculator or specific to a type of lifetime mortgage, you will be given results based on your age, property value, and health. These calculators have become such popular tools to start research about equity release as a means of determining whether a homeowner can afford the product. It keeps you and others from talking with a lender or home reversion specialist until you are ready. You can walk into your meeting with a specialist armed with knowledge of the industry, potential equity release amounts, and make an informed decision on whether to pursue the product at all.
The home reversion calculator provides one result — the loan to value amount you can release from your home. This equity released value may be between 20% to 100% of the home value and usually taken as a lump sum, although equity release provider Bridgewater do have a flexible withdrawal home reversion plan where you can release equity in stages.
However, overall it depends on the product, your health, age, and property value. Home reversion is also a potential that does not require any repayment of the money or interest, whereas lifetime mortgages now have repayment facilities, or compounding of interest.
Your health can increase the amount of loan given based on your age. Someone age 55 could release as much as a person 65 years old if there is cancer, heart disease, or another illness that lowers their life expectancy. Equity release comparison tables which are drafted on the results of lifetime mortgage calculators show you different lender loan to values and potential enhanced funds as well as different mortgage options. For example you may have a table that shows you standard, interest only, enhanced, and home reversion values for equity release products based on the information you input into the calculator.
The next step is being able to compare different products and companies so you can make an informed decision on who offers you the best deal. This is why using the equity release comparison tables can be extremely helpful to you.
The Information Calculators Need
While some of the information you need to supply has already been discussed, it is also important to mention that your name, telephone number, and an email address may be requested. This is in addition to your age or date of birth, health issues, and property value.
Already you understand the age, property value, and health determine the amount you can release from your home based on the various lifetime mortgages and home reversion plans available to you. The equity release calculator website is also built to supply you with this information via email. With an email sent to your inbox, you have the results to go over and analyse, as you consider making a decision on which company, product, or if it is an affordable option at all.
Your name makes everything more personal to you as well as a way for the company to call you and speak directly with you if you request it. Lenders and home reversion companies are not going to hound you, but they are going to want to speak with you and go over your results. By offering to explain the results you received on the website as well as in email, they are giving you a chance to ask questions. You can always say you are not ready to speak with anyone and the company or website will not call back. The point is that you have access to a representative should you have questions about the results including how accurate those results might be.
Accuracy of Lifetime Mortgage Calculators
You need to remember that all lifetime mortgage calculators provide an estimate based on the data you give the calculator. Human error can vary the results. For example you may not be aware of your actual home value, which would alter the amount you can receive in equity release greatly depending on how off you are in that value. You may also use your age and not the age of the youngest homeowner. The youngest homeowner is the age any company works off. Take the results as an estimate and not fact and always seek independent equity release advice following the results of an equity release calculation.
November 20th, 2014
Attaining true figures for the type of equity release you wish to take out is wholly dependent on the tools you use for that calculation. A home reversion calculator is different from a lifetime mortgage calculator in the main factors used to determine the maximum amount of equity that can be released. …read more
August 14th, 2014
The Internet provides numerous resources for all types of product, information and services. It should not come as a surprise they also have several websites offering details about equity release products and tools. For instance, if you wish to find an online equity release calculator, there are plenty of resources that lead you to this tool. From there you can determine what type of equity release is right for you and your family. Finding an independent broker to source information in the market is also an imperative step to take. …read more
June 9th, 2014
As part of the equity release process, the Equity Release Council (formerly SHIP) laid down a number of principles that both lenders and solicitors must follow. By bringing consumer protection to the fore has helped stabilise and add a layer of confidence to the whole realm of how equity release schemes are perceived. …read more
May 19th, 2014
Castle Trust announced people over the age of 55 living in the capital could take advantage of their current home and purchase a second country home. The company further stated all it takes is 20 per cent of the current home’s equity to make this secondary purchase happen. Through an equity release scheme like a lifetime mortgage, housing owners in London could find a second home in numerous areas in the country. To determine if you would qualify and how much equity can be released, use an equity calculator UK and find out how much equity you have and learn about all your lifetime mortgage options. …read more
May 19th, 2014
London’s housing sector is improving greatly. In the third quarter of 2013 a 25% increase was seen in housing growth. It was up a total of 42 per cent from the previous year. The last quarter showed even more of an upward trend in London and the UK. First time home buyers are not yet capable of buying a property without a mortgage. The average first time buyer had to spend 20% of their income on mortgage payments. It is an investment and the property market has supported purchases by these new owners. The downside is the down payment or deposit that’s required. This is where retirees, equity release, and tools such as equity release calculators come in handy. …read more
May 19th, 2014
London over the last decade has seen a significant shift in socio-economics. This change has directly affected the housing market throughout the UK and particularly in London. The growing population is putting pressures on lack of housing and increased transport links is also affecting London. Discover how all of this applies to equity release and why you might need to seek an independent equity release mortgage adviser. …read more
May 19th, 2014
The Financial Conduct Authority (FCA) has now implemented the Mortgage Market Review (MMR). In fact, the Financial Services Authority began the process in 2009 after the subprime mortgage debacle. The idea of the review is to reform the mortgage market to ensure avoidance of a worldwide disaster like that of 2007. For many first time homebuyers it is making it more difficult for them to secure the down payment and get onto the property ladder whether it is in London or not. The good news is that many retirees, over 55s, are in London and they have significant equity in their homes. This equity can be released to help their children with the down payment they require. There are different equity releases such as interest only lifetime mortgages, impaired equity release schemes and drawdown lifetime mortgages. …read more
May 19th, 2014
A lot has happened in the last eight years. Housing prices declined rapidly, mortgage products left the market swiftly, and interest rates bottomed out. Now with two recessions behind the UK, housing is starting to come back. Unfortunately it is not an even process. Economic recovery occurs fastest where the money is, which translates into London seeing the best housing prices since the decline and the rest of the UK slowly following. For Londoners it means equity levels are up, which offers a higher equity potential to be withdrawn for all kinds of purposes. Equity release schemes include interest only, roll up, drawdown, and enhanced lifetime mortgages. With enhanced lifetime equity release the health and lifestyle questionnaire is a handy tool. …read more
May 19th, 2014
One of the realised values of using any London equity release scheme is the ability to gift inheritance early. Inheritance tax (IHT) is one of the largest discussions right now due to the £325,000 threshold. This threshold is much lower than most London property values, creating a difficult situation for larger estates. It is not the just the London homeowners who suffer from IHT, but actually the beneficiaries, as and when the bill comes to them. Equity release is a vehicle to use for lowering the end bill and also helping out your children now. This premise will be examined in detail along with the use of an enhanced lifetime mortgage calculator and some independent advice. …read more