Sell house and cancel debts or borrow more for new business?

[Shitemum]

Please help me out with your experience and advice on this thread

Thw way the property market is going I would sell and rent. I would not borrow more on your property as there will be a very real chance that in a year you will be in a negative equity position. For what it's worth I'm betting that UK property will drop by 20 - 30% in the next year....it's already happening in some places.....

take your equity out, rent and you can buy back in once the market has fallen

You are in Spain, yes? I would sell if you can and rent.

Hoarse/horse - erm, what is equity? Is it the cash left once you've paid off the mortgage?
Carmenere - just twigged that you could be Spanish - Carmen R?
Yes, am in Spain. Worried about meeting the soon-to-be higher mortgage payments on our present income and really need cash to set up new business. If we sell we may not be able to get back onto the housing ladder but would that be such a bad thing?

equity is the amount that the house is worth minus your debt. i.e. if its "worth" 200k and you paid 180k you have 20k of equity.

If it's worth only 160 and you paid 180 you are in negative equity - i.e. you've lost money.

I wouldn't worry about being "out" of Uk property myself for the next few years...i think you can buy back in more cheaply in 2 - 3 years than now.