Competition in the financial market particularly with loan products keeps companies from charging too much and makes it possible for consumers to find a product that fits their needs. By going through an independent brokerage firm working for you and not for the company offering the product you can get great advice that steers you towards the best equity release maximum lump sum. Unfortunately, if you do not go through an independent site you run the risk of a company representative only offering their products. This is the case with Aviva.
Aviva and Tied Sale Representatives
In July 2013, Aviva stopped providing in house representatives and moved to outside brokers with tied representative. It means these brokers are only allowed to talk about Aviva lump sum products or the flexible plan offered. Unless asked directly about other products the representative does not have to give you an alternative to Aviva. This makes the advice skewed, the products less competitive, and you could end up with results that do not fit your needs.
The Aviva equity release calculator works as a representative would. It is designed to give you results based on Aviva products only. Often it only offers the maximum lump sum plan results rather than any other Aviva product an independent website has access to. You could end up paying a higher interest rate, seeing a lower maximum than another company can provide, and overall results that are not the best for your situation.
Using an Independent Calculator
If you truly want to get independent results that are not skewed, but working to provide you the best equity release maximum lump sum then you need to find a website that is wholly independent from any equity release lender in the market. These websites exist as do their independent calculators.
A calculator on one of these websites is going to provide you with the best result after taking your information and checking to see the best interest rate available for your age and property value.
From these results you can then contact an independent broker who will not only look at the product the calculator provided results for, but also see if there are other options out there that could work better for you.
Independent Advice Factors in More Information
An independent equity release broker is able to ask you some pointed questions with regard to your needs, your health, and other factors. The information you supply is going to help the broker narrow down results in the market and possibly increase the maximum lump sum available to you. They may not always find a better product than the calculator results showed; however, they will try so that you can make an educated decision about the financial product best suited for you and your household.
Results are Guides
You should know that if you go off of a calculator including the Aviva equity release calculator results, it is an estimated number. The result is only a guide and should be used as such. If you attempt to use that number as a guarantee you may become disappointed after speaking with any adviser including an independent adviser.
The calculator is unable to examine all aspects of your life. It is unable to make anything but an impartial result based on the input you give it. The accuracy of information is one way to get results closer to what is attainable.
Your age must be used to get results, but the age you use has to be the youngest homeowner. This is a homeowner who is able to sell the property because they are named on the property title. If a person does not have rights to make decisions about the property they cannot count. The youngest person also has to be at least 55 years of age for an equity release plan. Plans are given out up to age 90, but again the youngest homeowner is the age that applies.
For property value you need to be as close to the potential market value as possible in order to get accurate results. An independent broker can do an appraisal to get the actual value, where you might be going off current sales in your area that are comparable to your home size, age, and upkeep. Keep this in mind as you look for the best equity release maximum lump sum. It will have a bearing on the results you receive.