Voluntary Repayment Calculator

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…
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…

Shining a Light on What a Voluntary Repayment Lifetime Mortgage is

The voluntary repayment lifetime mortgage 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.

The Benefits of Taking Out Voluntary Repayment Plans

Voluntary repayment plans are beneficial for those who want to repay their mortgage early and save on interest. Voluntary repayment plans can be set up with your lender so you know the exact amount of money that will have to be paid back each month, which is really helpful if you’re trying to budget wisely in order to afford your monthly payments.

What Are The Drawbacks Of Taking Out A Voluntary Repayment Plan?

The drawback of taking out a voluntary repayment plan is that you may have to repay more interest than what would be paid back if the mortgage was fully repaid at maturity.

How Does The Voluntary Repayment Equity Release Calculator Work

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 Makes This So Exciting

What Makes This So Exciting?

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.

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

Leaving behind an inheritance for your family is something most people want and plan to do. Over time however you may find that it has become increasingly difficult to keep track of how much you will be leaving behind and this can bring about some anxiety. We believe that taking out an equity release plan will help alleviate some of that anxiety away.

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.

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