Hi all, I'm new to the forum so bear with me! My IVA is due to finish in Feb, I have sent my mortgage statement and 2 house evaluations today, so I rang and asked if I should be ok not for it to be extended. She said as an estimate I would have £211 equity wtf?!! She clarified 'only an estimate but may be more"! How can that be when I owe £76.000 on my mortgage and the valuation of my house it £90.000! I really need this to be my final year can anyone help please?? Thanks
Hi -- it depends on who you are with as to how they interpret a badly drafted clause ! Most would say 85% of £90,000 is £76,500, giving you £500 equity, so no extension.
Have you mistypes the equity figure above ? If not I can see no real problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi, those figures are correct. I'm with freeman Jones, she said on the phone that it will need tone extended because there is STILL equity in the house, and yes there policy is 85%, I'm not very good with calculations! Thanks for replying
Actually think she said my mortgage is £76,300? Does that mean I still have equity I can release?? Sorry for all the questions but I'm getting stressed out
It depends on the wording as some proposals state you must introduce 85% of your interest in the property whereas others state you are to remortgage to 85% of the property value. These are two different things and hopefully Freeman Jones can help you. They have representatives on this site such as Steve Hewitt ansd his details are in the experts section.
Check your paperwork ... do you have the £5000 de minimis clause ? If so and equity is agreed at less than £5000 there is no extension and no need to release any equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes, I see what you mean. The de minimis is just a trigger point. If you have £4999 equity they will ignore it ... if you have £5001 they will go for £5001 NOT just the quid over the trigger point.
So, yes, if you were a pound over they will apply the extension. However, there is a good chance that their valuation is on the high side and it might be worth getting you own valuation done to challenge theirs. £100 spent could save you a years payments/
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
It depends on the wording as some proposals state you must introduce 85% of your interest in the property whereas others state you are to remortgage to 85% of the property value. These are two different things and hopefully Freeman Jones can help you. They have representatives on this site such as Steve Hewitt ansd his details are in the experts section.
Hiya, I'm trying to get a message to Steve Hewitt, I've looked at his profile but can't seem to find where to message him?
