Could you please explain home equity

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aka

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Post by aka » Sat May 10, 2008 2:37 pm
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Could you please explain what it means to release the home equity
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kallis3

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Post by kallis3 » Sat May 10, 2008 2:38 pm
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Hello aka and welcome to the forum.

I am not an expert, but there are many who post on here, and I am sure one will be along in a moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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chris.g

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Post by chris.g » Sat May 10, 2008 3:51 pm
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For example, if the house is worth £100k and you owe £70k mortgage then there is £30k equity. A remortgage of £90k, ie borrowing more money against your house, would release £20k of the equity.
Hope this explains
xx
It's nice to be back......
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MelanieGiles

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Post by MelanieGiles » Sun May 11, 2008 10:47 pm
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The equity is the bit that you own after the mortgage company has taken their share.
Regards, Melanie Giles, Insolvency Practitioner
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