noshiela wrote:I'm sure thy said if the equity is above 5000 each for my hubby and I we will have to pay,
That is usually correct ---- but some IP's don't allow two lots of the £5,000 (so I erred on the side of caution ) --- but there is every chance that you don't have equity, if you can get that valuation down.
They do not usually take of the estate agents fees for the purposes of this calculation. So your calculation will trigger equity release. But we still have to figure in the 85% LTV, so, again using your £140k
Value £140,000
85% LTV = £119,000 x 45% = £53,550
Less £49,000 = £4,550
So, no extension ---- again there is an assumption here that they use the usual method ( as I mentioned -- some do it differently)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014