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Posted: Sat May 10, 2008 2:37 pm
by aka
Could you please explain what it means to release the home equity
Posted: Sat May 10, 2008 2:38 pm
by kallis3
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.
Posted: Sat May 10, 2008 3:51 pm
by chris.g
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
Posted: Sun May 11, 2008 10:47 pm
by MelanieGiles
The equity is the bit that you own after the mortgage company has taken their share.