The equity release process is a large undertaking and one that should only be made with much consideration.
If you are currently thinking about unlocking equity within your home, it is important to know just how much you will be able to borrow.
There are several factors that come into play regarding this, and a lender will factor in a number of elements, such as the kind of loan you want to take, and the amount of equity you are hoping to raise.
Your age and the value of your property are also big influences on how much you can borrow.
Other factors that lenders will take into account include your health and lifestyle, as some health conditions could enable you to borrow more.
Another factor is whether you have paid off your mortgage. If you still have some of your mortgage to pay off, the maximum equity amount that you can apply for will be reduced by the amount of mortgage that you still have left to pay.
One last factor is the type of property that you own and its present condition.
If you have any questions whatsoever about any of the above, get in touch with one of our advisors today.