How do i
remortgage my house to create more equity?
I am looking for more equity to back up my pension
Answer
Equity in your house is its value less any outstanding mortgage. to increase your equity, you must reduce your mortgage borrowing by paying more off the balance.
you can use the value of your property as savings for pension so long as you realise that the only way to release the equity is to sell your house. downsizing is a tax free way to fund retirement.
