Joint house equity/mortgage query.

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pauline.h

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Post by pauline.h » Wed Jan 16, 2008 12:03 am
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If I am thinking about an IVA, at the end of the IVA how much of my equity would be taken from my house if it is worth £160k and the outstanding mortgage is £90k? As I have joint ownership of the house would this affect the person who shares the joint ownership with me. The debts are mine not his.
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MelanieGiles

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Post by MelanieGiles » Wed Jan 16, 2008 12:09 am
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Hi Pauline

Usual calculations are based on taking lending of 85% loan to value, so in your case that would be £136k leaving you with equity of £46k available of which your share would be £23k. So if your property does not increase in value, or your mortgage reduce, you would need to find £23k.

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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