One of the first questions most people ask is “How Much Can I Borrow?”. The amount you can borrow usually depends on your age and health (and that of your partner) and the on value of your property. The different types of Equity Release offer different amounts depending on these factors. Use our instant Equity Release Calculator below to find out how much you could borrow.
Please note Suffolk Equity Release are not authorised to provide advice or arrange equity release products. If you wish to discuss or receive advice in this area please contact Responsible Equity Release, using the calculator below.
A surveyor will be instructed by the provider to secure an accurate valuation of your property. If there are two people jointly taking out the plan, then the amount you can borrow will be based on the age of the youngest borrower. If you are in ill health then you may be able to apply to release a larger portion of the equity.
Recently more lenders offer “enhanced” terms if you suffer with or have suffered from a life limiting illness, and your life expectancy is shortened. After completion of a completed medical questionnaire some lenders may consider allowing you to take a larger loan than would otherwise be available.
Equity release may involve a lifetime mortgage or a home reversion plan. Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.