Let's explore how much you can unlock
There are a few things lenders consider when determining how much equity you can release from your property. It's not just about the type of loan you choose or the amount you want.
The biggest factor is, of course, your home's value. This directly impacts the amount of equity you can access. But there's more to it:
The biggest factor is, of course, your home's value. This directly impacts the amount of equity you can access. But there's more to it:
- Your Age: Equity release plans typically require homeowners to be at least 55 years old.
- Health: Certain health conditions might qualify you for a higher amount through an "enhanced" lifetime mortgage.
- Ownership: If you have an existing mortgage or loan secured against your house, the outstanding amount will be deducted from the maximum you can release.
- Property Condition: The type of construction and overall condition of your property will also be considered. An advisor can discuss this with you in detail.