A homeowner loan is usually provided on the basis of the part of your house you own outright, the surplus equity. That is to say, any outstanding mortgage on the property is subtracted from its market value to determine the amount against which you can borrow.
However, some companies offer deals of up to 125 per cent of equity value at a higher interest rate. The higher cost of such a package may be necessary if a large amount of cash is needed, or if the property market slumps and equity falls.
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