How much equity do you have in your property?

You can use our mortgage equity calculator to work out how much equity you hold in your property.

However, you will first need to know how much your house is actually worth today. You can find this out in a number of ways.

Get an accurate property valuation

If you want to get an accurate valuation, get an estate agent to come round and value your property. They are often in the best position to gauge how much your home will be worth in the current market.

You sometimes have to pay for a valuation from a traditional high street estate agent, so ask first if they can do this for free.

Check nearby properties

Alternatively, you can get a rough idea of your property's value by having a look at how much other houses in your street have sold for recently. It's important to compare the quality and size of the house that have sold with your own to get a ball-park figure. There's no use comparing the price of a 5 bed home if you live in a 2 up 2 down!

A good way to do this is to use the internet to get a comparison. Zoopla has a great property price comparison service for properties recently sold in your area.

Another option for a quick and easy valuation is to search the Land Registry house price index for the average house price in your area.

Check your mortgage balance

After you know how much your house is worth, you'll need to subtract the amount of outstanding mortgage you have against the property, plus any other loans you have secured against your home.

If you are not sure how much of your mortgage is outstanding, this is easy to find on your latest mortgage statement from your lender.

If you can't find your statement you can get an up to date figure by either looking at your mortgage account online if you can, or by simply giving your lender a call and asking for a balance update.

If you have any other loans or debt secured against your home, you will need to look through your paperwork to get the value of them. Again, you can also contact your loan company to find out how much of the debt is outstanding.

Work out how much equity you have

After you've got all the figures you need you can work out how much equity you have in your property with a quick bit of maths.

Here's an example: You find out your property is worth £200,000, you have an outstanding mortgage balance of £160,000, and a secured loan of £15,000. This is the sum you'll need:

£200,000 - (£160,000 + £15,000) = £25,000

So, based on these figures, you'll have calculated that you have £25,000 of equity in your property.

Use our mortgage equity calculator to work out your equity in your home