Will the 85% loan to value apply as I have negative equity ?

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Jay H

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Post by Jay H » Tue Jul 22, 2014 4:08 pm
Good afternoon
I have received today my re mortgage paper work from GT.
I have obtained my valuation @ £120,400.
The outstanding balance on my mortgage is £123,940.25
So negative equity.
My t & cs states something about 85% loan to value will this apply as there is negative equity.
Many thanks
I am no expert but would like to give advice based on my own personal experience...
 
 

Michael Peoples

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Post by Michael Peoples » Tue Jul 22, 2014 4:49 pm
Your IVA should close down at the end of the five years without any problem at all. I am sure GT will confirm this so you should be debt free early in the New Year.
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
 
 

Jay H

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Post by Jay H » Wed Jul 23, 2014 3:29 pm
Just had another valuation @ £130,400.. The property is joined owned 50/50 and my partner is not in the iva..will the house still excluded as my equity share is less then £5000?
I am no expert but would like to give advice based on my own personal experience...
 
 

Foggy

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Post by Foggy » Wed Jul 23, 2014 4:11 pm
They should only use your share of the equity in any calculations.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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