Equity Release calculation: Calculating the amount you can borrow
Equity Release calculation is based upon a number of factors:
Your property value and the age of the youngest homeowner. These are used to produce a percentage of the value of your property the lender will lend. eg. If the maximum is 30% of the property value, the youngest homeowner is aged 70 and the property value is £300,000, the owners could raise up to £100,000.
The interest rate and deal offered. The higher percentage of your property value you want to release, generally the higher the interest rate.
The market can be daunting to navigate. This makes it very important to seek advice from a Whole of Market broker, such as Ocean Equity Release who have access to rates from all lenders and ensure your personal requirements are achieved.
Find a good, reliable Equity Release Broker to advise you. Read reviews from Brokers previous clients from Google, or sites like VouchedFor or Unbiased.co.uk where you can find many independently verified reviews.
Make contact with your chosen broker via email or telephone to ask some questions and determine if you feel this is the right broker for you. Do you consider them to be efficient, friendly and client focused? Once you have chosen which Advisor you would like to meet, they will offer you an initial phone or video appointment.
A lifetime mortgage may impact your entitlement to means-tested benefits and the inheritance you may leave.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Ocean Equity Release is a trading style of Ocean Mortgages Ltd. Ocean Mortgages Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 841683.
Only if you choose to proceed and your case completes will Ocean Mortgages Ltd charge a fee. Our adviser will talk you through this and the setting up costs before you make any decision to proceed. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits.