Can I Take Equity Release If I Have A Mortgage?
The golden rule before being able to take out an equity release scheme is that any existing mortgage must be repaid, either before the equity is released, or on simultaneous completion of the equity release application. Therefore, before considering a release of equity, prior knowledge of how much the maximum equity release is possible should be calculated to ensure there is sufficient to clear the mortgage, and if necessary to provide surplus funds if required. This can be done by using any online UK equity release calculators.
