house valuation @ month 54

[Christabelle_sparkle]

Hi

we will be required to obtain 2 house valuations next month, based on LTV
if we owe 148,500k on our mortgage what will our house need to be worth in order for us to have to release equity?

I know about the 5k equity clause.

Thanks

[Michael Peoples]

Your property would need to be valued in excess of £180,588k as 85% of that figure is £153,500. If the valuation is less your IVA should cease but double check with your own IP to be sure.

[back on track]

agree with Michael.
I went through same scenario last year.i was well under after 85%ltv and £5000 de-minus was taken into account.my iva finished nov 2013 after 60 months.not long now christbelle

[Christabelle_sparkle]

Thanks for your responses Michael & back on track.
We are expecting our house to valued between £150,000 - £159,950 as there are houses the same as ours for sale between these prices in our area. If ours was valued within this price bracket do you think our IVA will finish on time with no extension?. (We owe £148,500 on our mortgage..Unfortunately)
Thanks

[Christabelle_sparkle]

Well done on completing your IVA back on track. I bet it feels wonderful?!. I noticed you got your completion ceetificate quite quickly too, do you mind me asking which firm you were with.

thanks

[ruetheday]

Thanks for asking this as I am in the same situation. Finish IVA 1st September. Can i also ask Michael if the IP will contact me to prompt for the valuations. Also can I expect any other reviews or checks in the last 6 months of my IVA? Getting twitchy now as the end nears. Seems too good to be true that this will finally end

[Christabelle_sparkle]

Well done on getting this far too ruetheday. It does seem to good to be true that the end of our long road (very long at times) is actually coming to an end!. We too are feeling twitchy.

[MelanieGiles]

Ruetheday - it would be usual for you to be prompted about this by your IP six months prior to the valuation and mortgage statements being required - but don't necessarily rely on this as presumably you know what you have to do at the 54th month point.

Christabelle - assuming you have the usual IVA Protocol equity release terms, I cannot see that there would be any equity for you to release - but you do really need to pose that question to your own IP.

[Christabelle_sparkle]

Thanks Mel

[back on track]

christabelle I was with payplan.
I got my redemption statement from my mortgage provider and a valuation from local estate agency.sent it of via e-mail and got an answer next day about there being no eqity and told the date I should cancel my standing order.finnished 1st November and cc dated 23rd December.so very quick.

[mole]

My valuation is due soon, can I just get away with a Zoopla valuation. Top end valuation would be 160k and I owe £155k. On these figures it seems stupid to pay anyone to tell me at 85% LTV I am under £5k equity

[Christabelle_sparkle]

Thanks back in track. Payplan are obviously on the ball with these things. Im with Harrington brooks just they are just as good when my time comes. Did you have to do a final review at any point? Or after your redemption statement and valuation were submitted was that it?

Thanks for your info back on track. Much appreciated.

[Latitudee6400]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by back on track

christabelle I was with payplan.
I got my redemption statement from my mortgage provider and a valuation from local estate agency.sent it of via e-mail and got an answer next day about there being no eqity and told the date I should cancel my standing order.finnished 1st November and cc dated 23rd December.so very quick.

Hi, can I ask if your calculations were based on 85% LTV or the full equity in your property.... This seems to be a sticky issue for a few of us at the moment?

[David.43]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples

Your property would need to be valued in excess of #65533;180,588k as 85% of that figure is #65533;153,500. If the valuation is less your IVA should cease but double check with your own IP to be sure.

Mike,
Can you please tell me whether my remortgage will be successful or not when the market value of the property is ¢G165,000 and there is ¢G16,000 mortgage left.

[MelanieGiles]

I doubt that Michael will be able to give you specific advice as to whether a mortgage application would be successful for you David. You would be better off running that by an Independent Financial Advisor.