Mortgage Figures For F+FS

5 posts Page 1 of 1
Post Reply
 
 

Madge70

User avatar
Posts: 15
Joined: Mon Jul 30, 2007 7:11 pm
Location:
Post by Madge70 » Tue Aug 14, 2007 2:14 pm
Quote
Hello ... Can anyone tell me what figure is used to work out an equity balance when considering a F+FS ... the case manager has asked me for a new valuation of the property and also the outstanding mortgage figure ... when the bank sent the redemption statement it has the early repayment charge on it... so I use the Capital Balance or the total Redemption Figure which includes the Repayment Fee ... ( £88,388.09 against £97,640.31 )

Kind Regards
Madge70
Top
 
 

Sadsack

User avatar
Posts: 635
Joined: Fri Aug 18, 2006 12:40 pm
Location:
Post by Sadsack » Tue Aug 14, 2007 2:18 pm
Quote
Hi Madge70

As far as I know, if you have a redemption clause in your mortgage and you are attempting to remortgage, you have to include the redemption amount. In this case the £97k. Are you in fact remortgaging within your fixed term?

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/
Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/
Top
 
 

Madge70

User avatar
Posts: 15
Joined: Mon Jul 30, 2007 7:11 pm
Location:
Post by Madge70 » Tue Aug 14, 2007 4:05 pm
Quote
Hiya .. no my parents are offering a F+FS so we can pay them back when the IVA ( 2 years in ) has ended ... we need to prove we are in negative equity and I didn't know which figure to use as it is close to having some equity ... I just wondered can they make you remortgage 100% though. See other posts on my quest to F+FS enlightenment. Fingers crossed we have all information correct for the IP to request a meeting of creditors.

Kind Regards Madge70
Top
 
 

Madge70

User avatar
Posts: 15
Joined: Mon Jul 30, 2007 7:11 pm
Location:
Post by Madge70 » Tue Aug 14, 2007 4:07 pm
Quote
We are not re-mortgaging just need to work out the equity etc ...

Kind Regards
Madge70
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Tue Aug 14, 2007 4:30 pm
Quote
Hi
You need to take the redemption figure including the early redemption charge,because your equity is the amount that you would get if you sold and you would have to pay this early redemption fee.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
Top
Post Reply
5 posts Page 1 of 1
Return to “full and final settlements”