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- Equity - |
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In its simplest terms, ownership equity is the difference between the value of a property (usually with reference to a home) and the amount owed against it (i.e. the price for which it was mortgaged). A property now worth £100,000 that cost £70,000 has £30,000 of equity. Negative equity happens on a large scale when there is a general slump in house prices and the amount homeowners owe on their mortgage is more than the value of the home. Equity can be released through special loans that let homeowners use the money tied up in their properties, a useful means of generating cash, especially in retirement.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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