Hi, I have posted previously regarding this but no one answered the last bit of my question and I am really confused. We are coming up to month 54 and at the request of IP have had the house valued by an estate agent. We have now had the letter from them saying they would marker the property between £115,000 - £120,000. We owe approx £86,000 - £87,000 on mortgage. (my estimate as statement not due for a few months. I understand we now have to apply for a mortgage. I thought I would start off on line. First question is, how much am I asking to re mortgage for? £115,000 or £120,000? Second question, it says we have to tell them about financial commitments so i guess we put IVA?
Can anyone help??
Thanks
Hi Marce3000, firstly i'd look at your agreement to see if there was a specified amount to be released or a minimum dividend to be achieved, failing that see if there is anything about what the limit of LTV is , most are around 85%, i'm not an expert but i'm sure that you won't be required to get a 100% mortgage and they would be extremely hard to get even more so being in an IVA. Hopefully one of the experts will be along shortly and be able to answer this more correctly.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hmmm -- marketing price is not really a valuation, but I would guess, if the IP accepts this he would plump for the higher figure.
Your papaerwork should say ( depending upon how it was drawn up) that the maximum remortgage is 85% LTV. So, on a "value" of £120k , max is £102k, giving you equity in the region of £15k.
Assuming you have the option to extend by 12 months instead of remortgaging, you are after refusals to remortgage, so be honest about your dire finances.
If you do not have that option, many IP's are now going for variations to amend older proposals to accord with modern practice, in the knowledge that a remortgage is nigh on impossible these days.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
80-85% loan to value so 92k-97.75k would be max mortgage, state you are in an IVA and this will almost certainly mean that you will not obtain a remortgage so expect your IVA to extend one year
Thank you for your replies. So just to clarify we should apply for a re-mortgage of £97,75K (85%) as per paperwork. Month 60 is in Feb 2014. Does this mean that we continue to pay the same monthly sum until Feb 2015? In our paperwork it says after month 54 the supervisor will obtain a professional valuation but we have been asked to get one? it also states, we should get 2 re mortgage quotes, letter received recently from IP states a current valuation. We checked and they were happy with one, is this so they don't have to pay for it or because they know we wont get a re mortgage?
One last question, one of our creditors still hasn't put their claim in. How long do they have to do this?
Sorry so many questions but thank you
Thank you Melanie. Have contacted them and understand it all clearly now and now know what figures we are looking at. I must remember that they are not monsters and are there to help! I just get really nervous calling them but they were really good.
