If one is to release equity at 54 months

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jay4

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Post by jay4 » Thu Apr 02, 2009 10:38 am
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If one is to release equity at 54 months, what is the regulations regarding repayment period? If one is male and self-employed can one be forced to go beyond standard retirement age, ie:65
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Adam Davies

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Post by Adam Davies » Thu Apr 02, 2009 11:31 am
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Hi
No, the mortgage company will want to make sure that you have an income to repay any mortgage and if retirement reduces your income they are very unlikely to agree to a mortage that goes beyond this date.
Regards
Andam Davies
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Michael Peoples

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Post by Michael Peoples » Thu Apr 02, 2009 12:24 pm
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There are some mortgage companies who will lend beyond 65 so if you have agreed to release equity in your proposal it is possible that you will have to work on. I suppose it depends on what age you are when the IVA starts and whether a fourth year valuation has been included in your proposal as standard.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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