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Posted: Tue Aug 14, 2007 2:14 pm
by Madge70
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
Posted: Tue Aug 14, 2007 2:18 pm
by Sadsack
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!
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Posted: Tue Aug 14, 2007 4:05 pm
by Madge70
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
Posted: Tue Aug 14, 2007 4:07 pm
by Madge70
We are not re-mortgaging just need to work out the equity etc ...
Kind Regards
Madge70
Posted: Tue Aug 14, 2007 4:30 pm
by Adam Davies
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:
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IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp