Equity Release

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debbiw

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Post by debbiw » Thu Dec 20, 2007 4:32 pm
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Hi, I'm having abit of trouble getting my head around something. My IVA has just been approved last monday. In the 4th year, I have to get two valuations for my property, and go with the highest, and then remortgage for 100% of my share of the equity. At present my share of the equity is £9.5k, assuming house prices increase, obviously amount will go up.
In year 4, can I just ask my bank (who I have my mortgage with at present) to remortgage for the amount they want. The creditors said that if i release 100% in year 4, then i can finish the IVA on completion of the remortgage. Is this common?
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MelanieGiles

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Post by MelanieGiles » Thu Dec 20, 2007 6:16 pm
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Hi Debbie

Yes this is now a standard modification, and you can ask your current lender for a further advance but of course there is no guarantee that this will be accepted.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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