It depends on who you use as your provider and under which terms they operate. Some still use the 2010 Protocol, which asks for a property to be valued at month 54 and, if equity is over £5k ( which it will be) you are required to remortgage or extend. Currently a remortgage is impossible and most cases at the moment extend by 12 months. Some use the 2014 Protocol which, in addition to the foregoing, adds in the possibility of obtaining a secured loan. Some make up a hybrid and a few use the R3 terms, broadly similar to 2010 Protocol in terms of equity release.
It is really something you need to discuss in deatil with prospective IP's. I suggest you chat with a few as they all operate slightly differently, even within the same terms and conditions.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It also depends on who you creditors are as some will reject IVAs where there is substantial equity. Any decent insolvency firm should be able to advise properly especially concerning which creditors vote in what fashion.
A re-mortgage (or even a second charge mortgage) may be an option, depending on your circumstances. I'd suggest taking them time to look at all of your options before you make a final decision.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
