www.iva.co.uk

Hi getting a little confused.

Myself and my partner have a joint mortgage. She has a IVA I do not.

House value £150,000
Outstanding mortgage £90000

My partner's original debt was for approx £12000 and is paying £152 a month

She will easily have over 85% LTV on her share?

Would I be right in thinking they cannot ask her to release more than the original debt + fees (£3500 I think) less what she has paid back?

Which I calculate as - 12000 + 3500 - (152x 54) 8208 = £7292?

Thanks in advance

The maximum repayable in any IVA is the balance of the original debt plus fees, disbusements and possible statutory interest. However, when repayment is made by way of equity release statutory interest should not be added. So your assertion is correct.
The amount to be released will also be affected by the ceilings imposed on the repayment of the remortgage, i.e. that it cannot exceed 50% of the IVA repayment and the term cannot exceed the original term or state retirement age, whichever is sooner. So, the equity release cannot increase your current mortgage payment by more that £76 per month.

That's great thank you