Discover the Calculator For Voluntary Repayment

Do you want to have some inheritance for your family once you pass away? But are you wondering if you’ve taken out equity that they’ll get it? Here’s a detailed guide in how you can calculate how much money you’ll have for an inheritance…

Voluntary Repayment Calculator

Do you want to have some inheritance for your family once you pass away? But are you wondering if you’ve taken out equity that they’ll get it? Here’s a detailed guide in how you can calculate how much money you’ll have for an inheritance…

Voluntary Repayment Lifetime Mortgage

The voluntary repayment lifetime mortgage1 can help you to have an inheritance for your family in the future. This type of lifetime mortgage plan is a very new innovation within the equity release market. It’s also a very flexible plan because you can manage your equity release plan’s balance in the future.

Simply put:

This plan allows you to repay 15% maximum of your initial balance annually. This can happen at your own time, so whenever you have the money to repay it or whenever you get the time. It’s very flexible for your convenience.

Now:

If you’re able to make repayments (be it monthly, annual or ad hoc payments) you’ll see a massive difference in the total amount you’ll have to pay when your plan ends.

What does this mean for you?

You need to know what amount you can save up with this type of equity release lifetime mortgage plan. How do you do that? Simply use the voluntary repayment calculator.

How Does The Voluntary Repayment Equity Release Calculator Work?

You want to make sure your heirs will get a decent inheritance. And now you want to find out how much money you’ll save through repayments. That’s what the Voluntary Repayment Equity Release Calculator is for! You can quickly get an idea of how much money you can save throughout your lifetime mortgage through voluntary payments. The calculator just needs a few details about you.

Let me tell you more.

The details you’ll need to input into the calculator are:

  • How much money you’ll be loaning/releasing
  • The interest rate of your chosen plan/mortgage
  • How much you’ll repay annually (this amount can be up to 15% of your loan per year)

The calculator will then show you your results. In other words, it’ll show you how much you’ll save with a few scenarios: with making repayments and without making repayments. This way, you can see how much money you’ll save and how much you’ll need to repay to save that amount. And, the money you save will be or could be inherited by your family.

What Are Voluntary Repayment Lifetime Mortgages?

Voluntary repayment lifetime mortgages are a very new innovation, and they offer you fantastic flexibility. When you take out one of these mortgages, you’ll be able to manage your equity release plan balance in the future. Isn’t that great?

How can this be?

Well, because they let you pay back up to 15% of your initial annual balance. You can make repayments any time you can or want to.

Let’s Compare Some Voluntary Repayment Lifetime Mortgages

You can always research the wide variety of voluntary repayment lifetime mortgages on the market today. It’s still good to look at plan interest rates2, features from all the providers in the equity release market.

PROVIDERPRODUCTTYPERATEAPR
Pure RetirementClassic Elite Super LiteFixed2.35%2.40%
More2LifeFlexi Choice Premier Lump Sum Super LiteFixed2.35%2.44%
Legal & GeneralPremier Flexible BlackFixed2.49%2.60%
Scottish WidowsLifetime Mortgage LS1Fixed2.54%2.60%
LV=Lump Sum+ LiteFixed2.55%2.60%
AvivaLifetime Flexible OptionFixed2.59%2.70%

This table shows some of the popular providers and their plans so that you can compare them. However, there are many more plans for all of these providers that you can compare.

Common Questions

What’s a Voluntary Repayment Calculator?
What’s a Voluntary Repayment Lifetime Mortgage?
How Do I Calculate the Amount I’ll Receive From My Voluntary Repayment Mortgage?
How Can I Use a Voluntary Repayment Calculator?

In Conclusion

If you’re seriously considering or wondering about taking out an equity release plan, this voluntary repayment calculator is an excellent tool to use. It’ll show you how much you’ll be able to save when you make repayments, and it’ll show you how much you’ll save without making repayments. You can then compare and assess if it’s a good option for you or not.

How Much Can You Release?

Use the FREE Calculator Below

Search

In This Article

Most Read

How Much Can You Release?

Most people are using Equity Release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.

Your Journey to Financial Success Starts Here