www.iva.co.uk

More questions sorry...

In June we will be at Month 54.
I know we have to get a mortgage redemption statement and a couple of forced sale valuations...not a problem.

But....how do we go about getting quotes for the equity. Can we do it online or do we have to do it on real paper and wait for a written reply. Do we just ring someone and say I would like to get some of my equity. Never done this before so no clue. Also, should our own bank be one of them.

I understand the 85% LTV calculations...that's not a worry. however, both my husband and I are in joint IVAs, so how does that work with the equity.

Surely they can't demand two amounts of money?

Current Mortgage Redemption is £71k
Current House Rates via Zoopla £98k
LTV 72%
How is it split between us.

Just thought of another question.

if we were to offer a F&F would we still have to try to release equity.

we were hoping at one point, to offer a figure based on the remaining months (inc extra year for non equity)...but its still in the thinking process.

At the figures you mention over £12,000 equity is available at 85% LTV but if the property valued at £95k only £9750 would be available. This is less than £5k each so in my opinion the IVAs should cease at £95k or less and be extended if the valuation is higher than £95k.

Sorry Michael, that's confused me. What is the £12000 bit.
My figures shows an equity figure of £27000, presumably split between us, so £13500 each. Is it the difference between 72 and 85% that is used, so not the full amount of equity?
Sorry for dunce like questions, I do understand figures, its just sometimes my reading of them.

your house value £98,000
so 85% LTV £83,300
£83,300 - outstanding Mortgage £71,000
this leaves £12,300 equity to be paid in to IVA

if you are both in the IVA and you have the £5000 de minimis on both of your proposals if your equity is under £10,000 your IVA would finish, my figures are very close to yours you need to get a full valuation done on your property don't rely on Zoopla our house value is very much inflated according to their valuation as Michael said if you get a valuation of 95K or under your IVA should conclude as your equity would be under 10k

oh bless you HM, thank you so much, that makes so much sense to me now....I'm terrible for needing double explanations.
I only did zoopla cos our Month 54 isn't until June and we all need to know in advance what the likelihood is don't we
I can't imagine it would sell for the zoopla figure anyway, simply because it needs a new roof, badly, tiles missing etc., and double glazing is cracked in places. Plus general appearance which can sometimes mark things down. Thank you all so much xx

Given how close the figures are you should definitely get your own valuation. It could save you a lot in the long run.

Don't use Zoopla's figures, they're about as accurate as a drunk taking a leak.

LOL user, yeah I know, being inflated at least gives a figure to go down from....we'll def get two forced sale valuations, and pay for them if we need to.
Thank you

We did online with zoopla like yourselves to put us in the pic of where we would stand. There was quite abit of difference to when we got a real valuation for an estate agent . The agent valued it a lot less

quick one based on this-

i was recently told that the calculation is based on either 85% LTV on a re-mortgage or 100% value of property against a secured loan (No remortgage). i dont recall ever seeing the latter?

New one on me. I doubt this could be the case as a secured loan would be available at a lower loan to value than a remortgage.

me neither Michael.

am waiting for my valuation so ill find out soon enough! - ill keep you posted.

Good luck with this and well worth getting your own valuation.

Don't forget people, Zoopla or similar sites will give an ordinary valuation not a "forced or quick sale" valuation which is what you want.

An ordinary valuation gives the sale start point whereby you would invite offers.