I pay my 60th payment in January, then 2 more due to arrears accrued when my partner lost his job. I have received letters now asking for my mortgage redemption costs in order to release equity. I don't think there will be enough equity to re mortgage 80% Loan to Value..what will happen if I can't release any equity....I am in a state of panic in case as I thought it was all nearly over.
What does it say in your proposal about releasing equity? usually if there is less LTV then your IVA will finish on time, but you do need your mortgage redemption statement first and usually an up to date valuation of your property
Proposals finishing around now all have different mortgage release clauses and many IPs are putting forward variations to bring them into line with protocol compliant cases (ie-- if equity less than £5k, disregard and if more but cannot be released, extend by 12 months).
As Lem says, first check your own paperwork (or ask your IP).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
