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House price going up question with equity and remortgage
Rondoten10
Posts: 39 Forumite
Hello
Just wondering if anyone can help me with the below as i will be remortgaging soon and trying to work out what equity i have in the house.
Shared ownership propery worht £325,000, bought a 50 percent stake so £162,500.
Next door exactly the same scheme, exactly the same house is on the market for £350,000.
Looking at our mortgage statement when the 2 year fix ends in March we will have equity of £11975.
So house price has gone up 25,000. Am i right in thinking that has increased our equity by 12,500 so total equity in the property would be £12500 plus £11975 so £24,475?
Just wondering if anyone can help me with the below as i will be remortgaging soon and trying to work out what equity i have in the house.
Shared ownership propery worht £325,000, bought a 50 percent stake so £162,500.
Next door exactly the same scheme, exactly the same house is on the market for £350,000.
Looking at our mortgage statement when the 2 year fix ends in March we will have equity of £11975.
So house price has gone up 25,000. Am i right in thinking that has increased our equity by 12,500 so total equity in the property would be £12500 plus £11975 so £24,475?
0
Comments
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£350,000 / 2 = £175,000.
£175,000 - existing mortgage balance = equity.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Asking price is not equal to value. Untill property is sold you don't know what was the exact transaction amount. It's possible that your neighborhood will get less than asking price or has to decrease the price to get sale.0
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