I have 8 months left on my IVA and have been asked to get house valued

[Allison.g]

I have 8 months left on my via and have been asked to get my house valued. I reckon I have about 35000 equity so would have to reportage for 85 paper cent of that I doubt that nationwide will do it and don't really want to change provider. If I have to pay another 12 months will the equity issue occur again after that time.how do I go about getting the lowest valuation t the via provider has said they can provide someone to do it and add cost to via but not sure how independent that would be. I am 50 and plan to retire at 55 but mortgage is until I am 65

[Jules79]

Hi Allison.g,

Welcome to the forum, This is a hot topic lately. One I have very limited understanding of as there are several variations of agreements. Hopefully one for the more experienced posters will advise you shortly. In the meantime it may be worth having a read through the 'please help' post by another forum users.

[Michael Peoples]

You may struggle to get a secured loan or a remortgage so an extension seems likely. Get the valuation and your own IP can advise further.

[MelanieGiles]

How much is your house worth currently Allison, and how much do you owe on the current mortgage?

[allison]

Hi Melanie
My mortgage is for £101000 and the house is worth £135000.
Does the deminimis clause apply ??

[Desperate Bob]

85% would be £114750, so that would leave you £13750 to come up with.

If you have a partner on the mortgage you will only have to find 50% of that figure, which is £6875

[Adam Davies]

Hi

Unlikely that you will be able to secure a remortgage so expect a 12 month extension instead

Regards

[allison]

Thanks for the advice - now resigned to another 12 months - hope that means the end of it - they presumably don't continue the equity business if you do another year of payments ??

[MelanieGiles]

No Allison - if you cannot raise the equity via a re-mortgage, then the 12 months extension is the end of the matter.

[Shaun Vickery]

Given the figures you provide it's highly unlikely that you will be able to release an equity from your property but no doubt your IP will want to see evidence.