Releasing equity on a property? bought 10 years ago? whats the procedure?

gemmaking

If a property was bought 10 years ago, say at £140,000,

what is the procedure to 'release' some equity from it? - which i mean you can get some money from it...

does it depend on,
1) if the property has risen in value?
2) how much it has risen in value?
3) how much of the mortgage has been paid off?
4) whether interest only or repayments have been paid? or it doesn't matter?

5) what are the steps to release some equity?

you can answer questions 1-5

Dave_Ham

Thanks very much...

Forget your questions, you need to know approximate value of your mortgage and approximate value of the property.

You can release upto 85% of the value of the property (in total) subject to

• Age
• Income
• Employment type
• Credit File
• Financial commitments

Hope this clears it up for you...

gemmaking

Dave_Ham wrote: »

Thanks very much...

Forget your questions, you need to know approximate value of your mortgage and approximate value of the property.

You can release upto 85% of the value of the property (in total) subject to

• Age
• Income
• Employment type
• Credit File
• Financial commitments

Hope this clears it up for you...

Edit
I working out the equity release, are these values required - the % of mortgage which has been paid? and the % which is left?

or lets say the house was bought 3 months ago, 3 months worth of payments were made then could releasing equity still be done?

or NOT ENOUGH of the mortgage would have been paid, as 3 months of repayment is so minimum ?

sammyjammy

gemmaking wrote: »

Does it matter on the % of mortgage which has been paid? and which is left?

or lets say the house was bought 3 months ago, 3 months worth of payments were made then could releasing equity still be done?

or NOT ENOUGH of the mortgage would have been paid, as 3 months of repayment is so minimum ?

Your manner is very rude. You can't demand that people answer your questions. Dave Ham will help you as much as he can but only if you give the relevant information. To be fair if you know what the relevant questions were then you wouldn't be here!

Dave_Ham

Thanks - your question is irrelevant, as it is the current mortgage value balance that is the killer bit of information you need vs the approx. property valuation.

If you have had 10 months or 10 years makes no difference, just the balance as a % of the value

gemmaking

sammyjammy wrote: »

Your manner is very rude. You can't demand that people answer your questions. Dave Ham will help you as much as he can but only if you give the relevant information. To be fair if you know what the relevant questions were then you wouldn't be here!

You misunderstood, I wasn't being rude,. sorry if it seemed this.

I meant this:

Edit
I working out the equity release, are these values required - the % of mortgage which has been paid? and the % which is left?

i didnt mean Does it matter, in a rude way towards Dave Ham, but more that are them values important/ needed for equity release.


Sorry if you thought i was rude, i wasn't.

Gemma x