Equity Release Quote

How Much Equity Can You Unlock?

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What Is Equity Release?

A Quick Introduction to Equity Release

Equity release is a financial term for a group of products that allow you to unlock the capital1 invested in your home.

It can be either a lifetime mortgage product or a home reversion scheme.

The lump-sum amount released is tax-free.

Introduction to Equity Release Basics

Finding the Best Equity Release Quote in 2024

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In 2024, Understanding the Factors Affecting Equity Release Quotes Is Vital. Discover What Details You will Need to Provide, Why It Is Important to Compare Providers, and Be Mindful of the Potential Risks to Avoid Unnecessary Surprises.

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Did you know that obtaining an equity release quote, which allows comparison across a spectrum of interest rates, features, and providers, could be a beneficial step in your equity release process?

Each year, thousands of UK homeowners aged 55 and older use equity release to tap into the wealth tied up in their homes.1

Because of market fluctuations, the equity release market experienced a subdued period in the first quarter of 2023, with total lending as recorded by the Equity Release Council reaching £699mln, the lowest that figure has been since the second quarter of 2020 during the pandemic.2

Nevertheless, there are signs that the equity release industry is on the uptick again as interest rates decrease, according to the Chair of the Equity Release Council.3

In This Article, You Will Discover:

    In this article, the Every Investor team aims to simplify the concept of an equity release quote and it’s role in financial planning for retirement.

    Our goal is to provide a bite-size summary of how these quotes work so you can be in a better position to make informed decisions.

    At Every Investor, we are committed to maintaining the highest standards of accuracy and comprehensiveness.

    Our researchers have spent hundreds of hours analysing the latest equity release news, and our editorial team reviews, fact-checks, and updates all our content to ensure it remains current, relevant, and undergoes extensive quality checks.

    This content is intended to provide informational and educational resources and should not be considered financial advice. Always seek advice from a professional financial advisor or broker before making any decisions.

    Therefore:

    Request an Equity Release Quote

    Are You Looking For an Equity Release Quote in 2024?

    If you are looking for an equity release quote in 2024, one of the free calculators offered by most lenders, advisors, and comparison sites would be a good starting point.

    Just remember that these results represent the most basic of ballpark figures when it comes to how much equity you are able to access.

    Why?

    Free online calculators normally present you with a result by using only the most basic information, such as your age and the value of your house.

    What is the solution?

    A conversation with a qualified equity release broker or advisor should help you uncover any specific needs or circumstances that may affect a quote but could easily be missed by an online calculator.

    Where to Get Equity Release Quotes

    You can get equity release quotes from a number of sources, including by contacting a specialist broker or by using an online calculator.

    What to look out for with each:

    • Many equity release providers offer quotes through online calculators. Online calculators will provide the most rudimentary equity release quote without taking any of your personal circumstances into consideration. Try a few for comparison purposes, but keep in mind that you will not be able to apply directly to a provider.4
    • Equity release advisors will take the hard work out of the process for you, as they have access to a wide range of providers and can offer tailored advice based on your circumstances.
    • Comparison websites such as UK Care Guide5 and The Times Money Mentor6 allow you to compare different offers in one place.

    Remember, while getting quotes is important, it is equally vital to understand the implications of equity release for your finances and estate.

    Can You Get a Free Quote to Take Out Equity Release?

    Yes, you can get a free quote to take out equity release, either by using an online calculator or by contacting an equity release advisor.

    Many lenders and equity release specialists offer a quotation service at no cost to help you explore your options.

    These free quotes are instrumental in assisting you to gauge how much equity you could potentially unlock from your home.

    Most sites also provide a free callback service from independent advisory firms for more personalised estimates.

    What is the catch?

    There is no catch when it comes to these free quotes, but if you proceed with an application with the advisory firm you obtain a free quote from, you will probably be charged a fixed fee when your case completes.7

    Factors That Could Influence Your Equity Release Quote

    Factors that could influence your equity release quote include your age and health and your property’s value and location.

    While an online quote will give you a rough idea of how much equity you could access, these factors will be the things that will narrow down your equity release quote.

    Age and Health

    Age and health play a significant role in equity release quotes.

    That is because, generally, older individuals can borrow more against their property.

    Certain providers offer enhanced plans for those with specific health conditions or lifestyle factors like smoking, allowing access to more equity.

    How does that work?

    A shorter life expectancy means the provider may be able to recoup the loan amount sooner.

    Property Value and Location

    Property value and location are crucial in determining your accessible equity.

    Higher property values usually result in higher potential equity release loans in the UK.

    The location of your home is also important, as property values can vary significantly across regions.

    Some lenders even have restrictions on offering equity release products in certain geographic areas.8

    Outstanding Mortgage or Debt

    An outstanding mortgage or debt secured against your home could also influence the real value of the loan amount offered to you on the quotes you receive.

    If there is an existing mortgage or secured debt on your property, this must be paid off when the equity release is made, either from the equity release proceeds or other sources.

    This will, of course, reduce the net amount of cash you receive.

    Interest Rates

    The interest rates offered by the providers you receive quotes from will impact the overall cost of the respective equity release loans.

    The rate may be fixed or variable, and a lower rate will mean there may be less to repay in the future.

    What Do I Need to Get an Equity Release Quote?

    To get an equity release quote, you will need to provide your broker or advisor with certain information.

    When requesting an equity release quote, provide the following information:

    • Personal details: Name, contact information, and address.
    • Age: The minimum age is typically 55, but requirements may vary, and the borrowing amount often increases with age.9
    • Property value: The approximate current value of your home.
    • Outstanding mortgage or loan details: The amount remaining on any existing mortgage or loan secured on the property.
    • Property location: Your postcode will be required to assess property value and local market conditions.
    • Health details: Certain health conditions or lifestyle factors may qualify for an Enhanced Lifetime Mortgage.

    Having all necessary information ready when contacting an equity release broker or advisor can save time.

    Is It Important to Compare Equity Release Providers?

    Yes, it is important to compare equity release providers in order to allow for a more comprehensive perspective of potential offers, helping you make an informed decision.

    Just as you would compare mortgage or insurance providers, comparing equity release providers can offer numerous advantages.

    The benefits of comparing equity release providers:

    • It provides an opportunity to find the most competitive rates, which could result in significant savings over time.
    • Different providers offer varied equity release plans, each with their unique features, benefits, and terms.
    • Comparing allows you to gauge the reputation and customer service quality of different providers, ensuring a smooth and positive experience.

    It is always wise to seek independent financial advice before making a decision.

    Key Comparison Points and Considerations When Considering Equity Release Quotes

    When considering equity release quotes, key comparison points and considerations include interest rates and Loan-to-Value ratios, among other factors.

    A brief explanation of each of these factors:

    • Interest rates: Lower rates mean less to repay over time.
    • Loan-to-Value (LTV) ratio: This determines the maximum borrowing amount against your home’s value.
    • Early repayment charges (ERCs): These are fees for repaying the loan early, and they vary among lenders.10
    • Product features: Assess repayment options, flexibility to move the plan, and make sure a No Negative Equity Guarantee’s included.11
    • Reputation and reliability: Check independent reviews to gauge reliability and customer service.
    • Flexibility: Decide whether you need a plan with a drawdown option for flexible access to funds.
    • Regulation: Ensure the provider is authorised and regulated in the UK by the FCA and is a member of the Equity Release Council for consumer protection.

    Assessing providers based on these criteria may help you find a suitable plan.

    Remember:

    Consulting an equity release broker or advisor is crucial for navigating complexities and understanding the agreement.

    Consider:

    Market conditions, changes to the Bank of England base rate, and lenders’ business models also affect interest rates.

    What is more, products with flexible features may have higher interest rates.

    Common Questions

    What Is an Equity Release Quote?

    How Can I Get an Equity Release Quote in the UK?

    What Information Do I Need for an Equity Release Quote?

    How Reliable Are Online Equity Release Quotes?

    What Factors Can Influence the Amount of my Equity Release Quote?

    Can I Change My Equity Release Quote After Receiving It?

    Are There Any Hidden Fees in Equity Release Quotes?

    How Reliable Are Online Equity Release Calculators?

    Can I Renegotiate My Equity Release Quote?

    What Should I Do if I Am Not Satisfied With My Equity Release Quote?

    What Are the Common Pitfalls to Avoid When Reviewing Equity Release Quotes?

    How Much Money Do You Really Get From Equity Release?

    In Conclusion

    Understanding equity release quotes is crucial for navigating the process and securing favourable terms.

    Factors such as age, property value, outstanding mortgage, property type, location, and health status influence the amount you can release.

    Comparing providers can potentially lead to competitive rates and favourable conditions.

    Equity release is a significant decision impacting your financial future and inheritance, so seek professional advice before proceeding.

    Always ensure you fully understand the terms, conditions, and long-term implications of your equity release quote before making a commitment.

    See How Much You Can Release in Seconds

    Calculator - Main (Age, Prop Val & Phone)
    53Years
    50Years95Years

    Drag me

    £100000
    £0£1500000

    Drag me

    Easy to Use & Very Fast
    • Easy to Use
    • Safe and Secure
    • Very Fast
    • Instant Results

    Editorial Note: This content has been independently collected by the Every Investor team and is offered on a non-advised basis. While we try & keep the information up to date & correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services mentioned in the website. Learn more about our editorial guidelines.

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