Secondly, we have the 85% release clause and I’m a little confused by it all, and how to work out whether a remortgage will be needed or if another 12 months.
Also, what are the chances of actually getting accepted for a remortgage?
Thanks in advance all
House valuation x 85% less outstanding mortgage(s) equals equity.
Some use the less kind method of:
House valuation less outstanding mortgages equals equity. 85% of this figure is the releasable amount
If the equity ( whichever way they calculate it) comes in at under £5,000 the clause isn't triggered, no release attempt and no extension.
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