I have an IVA solely in my name and a joint mortgage. Will my IVA end after 60 months ?

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philcre

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Post by philcre » Sun Nov 29, 2015 5:07 pm
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Hi.I am coming up to week 54in my iva.My property is worth approx £120k and i owe 67k on the mortgage.The iva is solely in my name.If i only own 60k as its a joint mortgage will my iva end at 60 months,as i owe more on the property than my share?(owe 67,my share 60k).Thanks
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Michael Peoples

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Post by Michael Peoples » Sun Nov 29, 2015 9:28 pm
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There appears to be over £50k equity in joint names so if you cannot release your share then the IVA will be extended. The mortgage and equity are joint so you have over £5k available at 85% loan to value.
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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FormerlyST1100

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Post by FormerlyST1100 » Sun Nov 29, 2015 10:50 pm
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Is the full mortgage £67k or is that just your half of the joint mortgage?
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Lisa Thomas

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Post by Lisa Thomas » Tue Dec 01, 2015 10:05 am
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Depends on your terms but likely yes if your equity is over £5k and no if it isn't as your figures aren't quite clear.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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