Are you looking for more financial freedom during your retirement years? Do you need more cash than you anticipated after retiring? Do you want to have more cash on hand? Perhaps you want to take that lavish vacation you were never able to take during your working years. You probably weren’t always able to get the days off from work. Maybe you want to buy a fancy sports car that was never practical when you had young children. Better yet, maybe you want to give those children or even your grandchildren some extra cash for their first big purchase. Your grandchild might be buying their first car & you want to help them make the big purchase. Maybe it is your own child making a big purchase, like their first home. No matter the reason, if you are considering an equity release scheme it is likely because you could benefit from some additional funds.
The first question you will likely ask is related to how much cash you can receive. It is great to dream about what you could do with the money, but you need to know how much money you’ll have in order to know if it will be enough to fulfill your financial needs. That is where we can start to help you.
Some schemes will provide you with a larger release than others. Maybe you are on the fence between two or three products & the amount you can borrow from each will help you in deciding which product is best for you. A lump sum product is likely going to give you more cash than another alternative. A drawdown plan is probably going to offer a different release amount than an enhanced lifetime mortgage. With that said, how do you know how much you can borrow? You can get an estimate of your borrowing power by using our simple equity release calculator.
Just give us a bit of basic information such as your age, the value of your property, & any outstanding balance you have on your existing mortgage. With that information, we can tell you how much you can expect to borrow using an equity release scheme. This is the first step in deciding if a scheme is right for you. Once you know it will provide you with enough cash, you can potentially move on to selecting the features & scheme that work best for your situation.
Not only can we help you to determine the amount you would be eligible to receive but we can also help you in making that final determination on what scheme is right for you. You might want to safeguard an inheritance for your loved ones, or you don’t want your means-tested benefits impacted by your equity release. All of those issues are things we can discuss with you to ensure that you are comfortable with your equity release choice. Reach out to use today to get your estimated release amount and to talk through potential options.
Alternatively, self-study with our free smartER research tool that allows you to; check whether you’re eligible for equity release, which products are available to you, their rates, and their maximum releases.