The development and expansion of the internet has made it far easier to access financial products and services. Consumers of today can easily type a question into a search engine and receive pages and pages of information, with sources readily available to access instantly. When considering financing or re-financing, there are quite literally hundreds of sites to source the information that you need to answer your question. This is especially the case in the equity release marketplace. With the plethora of different equity release calculator, UK residents can explore all the options available to them. There are even equity release supermarket calculators which allow comparisons between different products and services.

Using an Equity Release Calculator

When using an equity release calculator, UK residents can quickly determine their eligibility for equity release and the amount of release possible. These online tools can deliver instant results which are accurate enough to be relied upon when moving forward. By supplying a few basic details such as your age, gender, totals of any mortgages or secured finance currently in place and the value of your home, the calculator will assess your eligibility against the set criteria and determine the amount of release possible.

Some of the more sophisticated tools such as the equity release supermarket calculators will also ask questions about the state of your health. This is because they have access to enhanced plans and schemes which offer additional release sums based on the impaired lifespan of the applicant due to poor health history, terminal condition or even habits such as smoking.

With a number of forms of equity release calculator, UK residents can also explore a number of different equity release options. Some calculators can only supply details based on a specific range of products. However, in depth models such as the Equity Release Supermarket Calculators will provide details on alternative schemes such as drawdown lifetime mortgages. A draw down lifetime mortgage allows the home owner to receive a smaller initial lump sum but have a draw down facility available to them. This allows for funds to be called down as and when they are needed. The main benefit to this type of scheme is that you would only begin to pay interest on funds when they are drawn down. This can save a great deal in interest charges in the long term and prevent you from losing your eligibility of means tested state assistance and benefits.

Tips for Finding an Accurate UK Equity Release Calculator

Finding an accurate equity release calculator UK, need not be stressful or difficult. There are a great number of accurate online equity release calculators. However, there are a number of tips to ensure that you find the best possible tools.

• Look for independence: Independent brokers have calculators which are linked to a great number of products in the equity release marketplace. For example, the Equity Release Supermarket calculators are not tied to a specific company or provider. They offer wider access to a larger range of schemes and plans including enhanced schemes and other types of lifetime mortgage. Calculators on company websites are limited by the product range offered by the specific company, which may not represent the best possible choice for you.
• Use more than one different calculator: With an equity release calculator, UK residents are not committed. They can use more than one different calculator and in fact are advised to do so. In order to be assured that you have gained an accurate insight into the marketplace, you should use several different calculators and compare the results.
• Be wary of providing personal contact information: Most calculators will allow people to use them anonymously without providing any contact information. Some may ask if you would like an adviser to contact you, but you should be wary of any calculator which will not permit you to use it unless you provide contact details. In a best case scenario you are likely to be badgered by sales calls or spam e-mails, but in a worst case scenario, you may make yourself vulnerable to internet fraud or cyber crime.

With an equity release calculator, UK residents can have a greater degree of control over their research of equity release schemes and solutions. The popularity of these tools has encouraged brokers and companies to develop more sophisticated tools such as the Equity Release Supermarket calculators. This ensures that people have a greater access to information which will allow them to make informed choices and decisions about their financial future and whether equity release is best suited to their needs.