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Hello
According to my research, house prices are slowing down (Less than 0.1% last month; lowest for 15 months). If this is the case are we better gambling on the market and opting for a fourth year equity release clause, or the current proposition of 6th year of IVA?
(creditors' meeting pending)
The former could only happen if the market has risen enough for us to release 85% LTV, assuming payments are not more than 60% of our net income, is that right? The latter obviously removes any anxiety and we know where we stand.
We currently owe about 98% of value in mortgage & redemption fees.
Thanks
Blue

I have an interest in house prices, but for a different reason. I am no longer on the property ladder due to declaring bankrupt. The american sub prime market is starting to suffer, and I am hoping our housing market takes a hammering and reaches its lowest point in about 3 years

I can hope ...

I think that decision will be taken for you at the creditors meeting. IPs try to avoid the equity release clause by suggesting the offering of additional contributions towards the current equity value, however more and more this is being modified out by creditors preferring to gamble on the property market themselves.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

potless wrote:

I have an interest in house prices, but for a different reason. I am no longer on the property ladder due to declaring bankrupt. The american sub prime market is starting to suffer, and I am hoping our housing market takes a hammering and reaches its lowest point in about 3 years

I can hope ...

When America sneezes, the world catches the cold... The only thing I remember from A-level history. I would safely bet that the housing market is about to spin out of control as things get worse in America and it will get worse. I'm gonna sit tight and wait for the market to come crashing down.

My friend is a first time buyer and she has had to take out a 50 year mortgage on a 2 up 2down terraced house!!! With dwindling numbers of first time buyers, higher repossesions and greedy banks, it all adds up to a recipe for disaster.

Melanie - I wish I knew about you when we took out our IVA, it would have been nice dealing with someone who cares not a call centre.

Everyone remember your debt is only part of what you are. Don't let it comsume you!! Have a great day!!

I did not know that you could obtain a mortgage for %50 years.

Who is the provider?

hara

My partner has just had a new mortgage agreed - it's a self cert one over 20 years - he'll be 73 when it finishes!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Skippy

I have heard the expression but am not sure what a self certified mortgage is exactly? Could you explain please

Thanks

Pippa

To be honest I don't understand it fully, but as Dave is self employed and doesn't have books as such (only records for the taxman) he couldn't get a 'normal' mortgage.

Basically Dave went through a broker, told him how much he needed to borrow. The broker did a credit check to make sure he could afford the repayments and then applied for the mortgage.

I'm not sure if I've understood correctly, so hopefully Welshboy might be able to explain much better than me!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/