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Equity release is available throughout the UK.

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Equity release calculators

Looking at the bigger picture to work out your best options

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Equity release calculators are used by many advice companies to show how much money you could release from your home by taking out a lifetime mortgage or home reversion plan.

Releasing equity is an important and complicated decision, which is why we believe it's important to speak to someone who can give you expert advice you can trust. In this video we'll explain the limitations of equity release calculators, and the reasons why we don't use them.

Today we're going to talk about equity release calculators, and the reasons why we don't use them at StepChange Financial Solutions.

Eligibility calculators are found on many equity release websites. They're designed to let you enter information about you, your age, your property value and usually your contact details.

The information you give is used to work out how much equity you could potentially release from your home. And because you've shown an interest in releasing equity, it's usually followed up by a call from the company.

The three reasons we don't use these calculators are:

Firstly, they don't take your property details into account.

Lots of different things can affect the availability and the amount of equity release available.

For example, the construction of your home the status of lodgers, or your property's location.

Secondly, they don't consider your personal circumstances.

There are many different equity release plans and providers, and they all offer different things.

One plan does not fit all.

As an individual, you need to have an individual plan tailored to your financial needs.

Some plans will let you service the interest, or even repay the capital sum borrowed.

Your health, future plans and even marital status could all affect which plans you should consider and how much money you could access.

Finally, they don't take your actual needs into account.

If a calculator says you can borrow £100,000 should you? And if so how should you take it?

Should you take it in a lump-sum, or a small amount at a time?

What's best over the long term, and why?

Releasing equity is an important and complicated decision and we believe it's vital to speak to someone who is impartial and qualified to give you advice on all of your available options.

Even if that advice means that equity release isn't right for you.

As part of StepChange Debt Charity, we can also look at a range of alternative solutions to help you overcome your challenges, or achieve your goals.

We believe that advice should always be free.

So unlike other equity release advice services, we won't charge you a fee.


What makes us different?

  •  Free: We don't charge you for our advice. There aren't any hidden fees
  •  Unbiased: Our advisors don't work to sales targets, bonuses or commissions

  • Specialist: We offer advice to all, from managing debts to those looking to retire

  • Trustworthy: Last year 98% of our clients said they would recommend us to family or friends

Important things to consider

  • Releasing equity might affect your tax position and entitlement to means-tested benefits
  • Releasing equity from your home will reduce the value of your estate, affecting the amount of inheritance you might leave
  • Think about alternatives such as downsizing to a smaller property
  • Future property prices might be higher or lower than they are today
  • Think carefully before securing other debts against your home
  • Consolidating debts over a longer period may mean you pay more overall.
  • To understand the features and risks of any plan, ask for a personalised illustration.
  • With residential and retirement mortgages, your home may be repossessed if you don’t keep up repayments on your mortgage

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2018