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Posted: Wed Jan 16, 2008 12:03 am
by pauline.h
If I am thinking about an IVA, at the end of the IVA how much of my equity would be taken from my house if it is worth £160k and the outstanding mortgage is £90k? As I have joint ownership of the house would this affect the person who shares the joint ownership with me. The debts are mine not his.
Posted: Wed Jan 16, 2008 12:09 am
by MelanieGiles
Hi Pauline
Usual calculations are based on taking lending of 85% loan to value, so in your case that would be £136k leaving you with equity of £46k available of which your share would be £23k. So if your property does not increase in value, or your mortgage reduce, you would need to find £23k.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp