I'm struggling to work out if I am in negative equity, if the value of my home is £230,000 and mortgage outstanding is £198,000, I'm not usually this dense!
On the face of it ... there is equity of £32,000.
If you have the 85% ltv cap, then 85% value is £195,500, which puts you in negative equity For the purposes of the release clause.
Last edited by Foggy on Mon Sep 15, 2014 9:26 am, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You are not I negative equity as your mortgage is less than the value of your property. Do you have the 85% LTV clause? Is that what you are trying to calculate?
You are not in negative equity but your property should be excluded as you have insufficient equity to release. The IVA should therefore clsoe after five years.
