Equity Release and regular mortgages
September 17th, 2008 . by adminI have heard a lot recently about equity release and its relationship with normal mortgages. Questions such as “Can I get equity release if I still have a mortgage on property?” and “How much equity can I release if I have a mortgage?”
The answer to this question is simple but it also depends on you choosing the Best Equity Release Scheme Provider for your needs.
You can only release the equity which you yourself actually own on the property i.e. if you have a £400,000 house with a £250,000 mortgage, the amount of equity release you can get is anything up to £150,000 (£400k - £250k) dependent on your equity release scheme providers.
Most offer anything up to 80% of your equity so in the example above you would be entitled to receive £120,000.
