Though you may be able to release up to 60% of your propertyâs value, itâs worth bearing in mind that this may change your financial situation quite drastically. Phone * Preferred Contact Time. In the following calculator, remember that the house value should be realistic, not optimistically high. What is a Remortgage? Equity is like a share of your money in your home. If you have been considering remortgaging your home, you undoubtedly have questions and concerns to address. 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 But itâs important to carefully consider your options, and the fact that higher LTV mortgages will typically come with higher interest rates than those at a lower LTV, and remortgaging to release equity will increase this. Our free equity release calculator gives you personalised results to see how much tax-free cash you could release from your home. Simply choose your age, property type and estimated property value. While there were 23 lenders willing to provide a mortgage to those buying with the aid of a Help to Buy equity loan five years ago, just 10 lenders are prepared to accept a remortgage. Hell or Habito: Find out how much you can borrow with our remortgage calculator that scans over 20,000 mortgages from 90+ lenders to find real products you could be eligible for. Equity release may involve a lifetime mortgage or a home reversion plan. Buy-to-let secured loans tend to be more flexible when it comes to credit history. Those who remortgage to release the equity that they have built up in their home, should consider carefully about how and when they are going to do this, however. As a reminder â equity release is a way of turning some of the value from your home into tax-free cash. An equity release scheme allows you to tap into the value tied up in your home without the need to move. Advantages of a remortgage include releasing equity in your house to do home improvements but also allow you save on repayments with lower interest rates when you refinance. If you're looking to release equity to pay off an existing mortgage, check out our paying off your mortgage guide. Equity release plans are not right for everyone and it is important that you fully consider your options and receive independent financial advice before making a decision. 8. Reasons to remortgage. It is also important that, if you do decide to use an equity release product, we need to be sure itâs one that meets your needs. Adapt to a new financial situation. For example, you have a house that's worth 20000 pounds. If you just want to switch and save money without consolidating any short term debt Click here switch and save . Fluent will need to speak to you regarding your requirements. If you remortgage at a higher loan-to-value (LTV) than the equity in your home, you can release this equity as cash. In that case, your equity in your home is 10000 pounds. An equity release plan is a potential retirement planning option for the homeowners. Equity Release Calculator If youâre over 55 and want to be able to release some of the value of your home, equity release can help. You can then use the funds for things such as helping your children with a house deposit of their own. Just enter your details in our remortgage calculator to compare remortgaging deals. The help of an experienced adviser could be invaluable as they can assess your financial situation to ascertain whether a remortgage is viable. Can I remortgage with the Help to Buy Scheme? You may want to release money from your property to pay for home improvements, or to use the money to supplement your pension. But for older borrowers, there are many other things to consider when it comes to remortgaging to release equity. Iâm looking to buy another property, how does remortgaging work? Equity release allows homeowners aged 55-95 to access a portion of their property's value. Advantages: Advantages of equity release include being able to use the money for anything, maybe things that were once not affordable. Using a remortgage to release equity from your home isn`t the only scheme available to free up funds from your property. If you need to free up some capital, remortgaging your home can release some equity. Calculate your remortgage savings or borrowing options. Remember that taking an equity release plan is generally a long-term option. Can I remortgage to release equity? Equity release allows you to unlock the equity in your home without having to sell up and move out of your house so that you can have money to spend on whatever you want or need. Save money. Remortgaging is a big decision and a potentially daunting prospect, calling for independent expert advice at the earliest possible stage. If youâre retired or approaching retirement, the truth is that it isnât always easy to remortgage to release equity. Use it today! After any existing mortgage has been settled, the tax-free money released is ⦠Simply enter the approximate value of your home, and the remaining balance left to pay on your mortgage, and our calculator will tell you how much money you could release. You can release equity from your house to put down a deposit on another property, but you will usually need significant equity to do this. Our calculator will give you an idea of just how much money you could release from your home. If you remortgage, you can release the money tied up in your property, ideal if you need a cash lump sum and are willing to restart your loan term. See if you can save money by remortgaging to a lower rate. Phone; Email; By proceeding you agree to terms of business and privacy policy. The decisions that you make now can affect your financial situation for years to come. Instead of moving to a bigger house you might be thinking about an extension or conversion. We have access to a selection of competitive equity release schemes. Also if you have more recently gotten a mortgage you will have been making repayments, building equity in your property. Release equity. With the rise in property value over the past 20 years there are a lot of people that have a large amount of equity in their property. Note. Interest rates change regularly so you may find a lower rate than your current deal, which could make your monthly mortgage payments lower â or mean you may be able to pay it off quicker. Remortgage for Raising Capital. This calculator is suitable in estimating monthly payments when consolidating personal debt as part of a remortgage and releasing some equity. How can I get the best rates on a buy to let remortgage? The amount of equity you have in your home is determined by the value of your mortgage less the outstanding balance remaining, so if your original mortgage (the price you paid for your home) was £250,000, and the outstanding balance remaining is £150,000, then the amount of equity in your home is £100,000. Home » Mortgages » Mortgage Calculator » Equity Release Calculator. If youâve got any further questions about remortgaging or mortgages in general, please contact us. And the mortgage amount includes any early repayment fees and any secured loans. Can you remortgage in later life. The type of equity release we offer is called a lifetime mortgage. That said, remortgaging can still be an option. To ensure you get the right equity release mortgage for you, MoneySuperMarket have partnered with Fluent Mortgages and their expert equity release advisors. A remortgage by definition means to pay off one mortgage by ⦠Like all financial decisions, releasing money from your home is something that needs careful thought. (NB the calculator is only meant for looking at equity release in an IVA. Here you need a remortgage to release that 10000-pound equity kept under the mortgage. It's a big financial decision that should not be taken lightly. Deciding whether to remortgage for equity release can be a consideration for property owners looking to raise financial collateral. If you want to let the property, you will need to a buy-to-let mortgage. Remortgage versus equity release â in numbers Letâs say you are 58 years old with a property valued at £400,000, and you want to raise £70,000. Remortgage Calculator . Equity Release Schemes. Preferred Contact Method. If you want to remortgage to release equity you will need to contact your current mortgage company or remortgage with a new lender in order to release the cash. A BTL remortgage to release equity may not be the most financially viable option available as there are other ways to raise money via your property, by way of leaving the current mortgage in place and applying with a secured loan buy-to-let lender. Now you have taken a loan of 10000 pounds by mortgaging that house. Email. IVA equity release calculator. Remortgage to release equity. Equity Release. Whatever your reasons for needing to raise capital, a remortgage to release equity may be an excellent option for you. Name * First Name Surname. Use our equity release mortgage calculator to work out how much you might be able to borrow against the equity in your home, based on the current estimated value of your property, any amount you have outstanding on an existing mortgage against the property (including any secured loans), the number of applicants, and the age of the youngest homeowner. Equity release plans allow people 56 years of age and older to release some of the cash which is tied up in their homes. See what your options could be with our equity release calculator. These mortgages tend to need a 25 per cent deposit, are often interest-only and usually carry higher interest rates and fees. A n equity release calculator is a great tool to use if you are over 55 and considering releasing equity from your home without having to sell or move out. You can contact them here or call 01204 899581. An equity release calculator from azmoney.co.uk can offer you an estimate of what proportion equity you'll release from your home. Equity Release Calculator . Loading - Please wait. Equity Release Mortgage Calculator. If you have ever considered the potential benefits of equity release, we strongly recommend using our exclusive equity release calculator for a no-obligation estimate. 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