www.iva.co.uk

Hi again! Finally received an email from Aperture yesterday with regards to my equity release query as we are near the end of our IVA:)

I need help on how to calculate 85 %LTV and if you can advise me an online site to try and apply please.


“ I can confirm that available equity greater than £5,000 was identified in your property. I must now ask that you attempt to re-mortgage your property, up to a maximum of 85% loan to value (LTV), which has been calculated as £24,057.59 (please be advised that this can be done online). If you are unable to obtain a re-mortgage, you must provide us with a rejection letter.”

This is a part of the email I received from Aperture.

Hope you can help me please.
Thank you so much in advance...
“ slowly slowly crossing the finish line....

85%LTV basically means that the loan cannot exceed 85% of the value. Check your agreement, but there are usually other limits ... the remortgage cannot add more than 50% of your IVA payment to the mortgage payment and you should not have to extend the term of the current mortgage.. So, if your house was valued at, say, £160,000 you need to try to remortgage up to 160,000 x 85% = 136,000 (subject to the other limits mentioned).

Most people try with the current lender as well as make online applications (they generally don't get further than admitting they have an IVA!). Many IP's accept a screen print of the "Go Away!" screen as a rejection letter ... but some don't.