Mortgage & Equity Queries

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leaKybrain

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Post by leaKybrain » Thu Feb 05, 2015 3:11 pm
More questions sorry...

In June we will be at Month 54.
I know we have to get a mortgage redemption statement and a couple of forced sale valuations...not a problem.

But....how do we go about getting quotes for the equity. Can we do it online or do we have to do it on real paper and wait for a written reply. Do we just ring someone and say I would like to get some of my equity. Never done this before so no clue. Also, should our own bank be one of them.

I understand the 85% LTV calculations...that's not a worry. however, both my husband and I are in joint IVAs, so how does that work with the equity.

Surely they can't demand two amounts of money?

Current Mortgage Redemption is £71k
Current House Rates via Zoopla £98k
LTV 72%
How is it split between us.
 
 

leaKybrain

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Post by leaKybrain » Thu Feb 05, 2015 3:43 pm
Just thought of another question.

if we were to offer a F&F would we still have to try to release equity.

we were hoping at one point, to offer a figure based on the remaining months (inc extra year for non equity)...but its still in the thinking process.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Feb 05, 2015 5:01 pm
At the figures you mention over £12,000 equity is available at 85% LTV but if the property valued at £95k only £9750 would be available. This is less than £5k each so in my opinion the IVAs should cease at £95k or less and be extended if the valuation is higher than £95k.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

leaKybrain

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Post by leaKybrain » Thu Feb 05, 2015 6:18 pm
Sorry Michael, that's confused me. What is the £12000 bit.
My figures shows an equity figure of £27000, presumably split between us, so £13500 each. Is it the difference between 72 and 85% that is used, so not the full amount of equity?
Sorry for dunce like questions, I do understand figures, its just sometimes my reading of them.
 
 

harrysmummy78

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Post by harrysmummy78 » Thu Feb 05, 2015 6:32 pm
your house value £98,000
so 85% LTV £83,300
£83,300 - outstanding Mortgage £71,000
this leaves £12,300 equity to be paid in to IVA

if you are both in the IVA and you have the £5000 de minimis on both of your proposals if your equity is under £10,000 your IVA would finish, my figures are very close to yours you need to get a full valuation done on your property don't rely on Zoopla our house value is very much inflated according to their valuation as Michael said if you get a valuation of 95K or under your IVA should conclude as your equity would be under 10k
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
 
 

leaKybrain

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Post by leaKybrain » Fri Feb 06, 2015 10:40 am
oh bless you HM, thank you so much, that makes so much sense to me now....I'm terrible for needing double explanations.
I only did zoopla cos our Month 54 isn't until June and we all need to know in advance what the likelihood is don't we :)
I can't imagine it would sell for the zoopla figure anyway, simply because it needs a new roof, badly, tiles missing etc., and double glazing is cracked in places. Plus general appearance which can sometimes mark things down. Thank you all so much xx
 
 

Michael Peoples

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Post by Michael Peoples » Fri Feb 06, 2015 1:21 pm
Given how close the figures are you should definitely get your own valuation. It could save you a lot in the long run.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

thisusernameistaken

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Post by thisusernameistaken » Fri Feb 06, 2015 6:18 pm
Don't use Zoopla's figures, they're about as accurate as a drunk taking a leak.
 
 

leaKybrain

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Post by leaKybrain » Fri Feb 06, 2015 9:25 pm
LOL user, yeah I know, being inflated at least gives a figure to go down from....we'll def get two forced sale valuations, and pay for them if we need to.
Thank you
 
 

Struzzo39

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Post by Struzzo39 » Sat Feb 07, 2015 11:09 am
We did online with zoopla like yourselves to put us in the pic of where we would stand. There was quite abit of difference to when we got a real valuation for an estate agent . The agent valued it a lot less
Steven & Debbie
 
 

dand

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Post by dand » Sat Feb 07, 2015 11:21 am
quick one based on this-

i was recently told that the calculation is based on either 85% LTV on a re-mortgage or 100% value of property against a secured loan (No remortgage). i dont recall ever seeing the latter?
F&F Accepted on 12th March 2015!
Completion Cert arrived 26th March 2015!
 
 

Michael Peoples

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Post by Michael Peoples » Sat Feb 07, 2015 4:26 pm
New one on me. I doubt this could be the case as a secured loan would be available at a lower loan to value than a remortgage.
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
 
 

dand

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Post by dand » Sat Feb 07, 2015 4:40 pm
me neither Michael.

am waiting for my valuation so ill find out soon enough! - ill keep you posted.
F&F Accepted on 12th March 2015!
Completion Cert arrived 26th March 2015!
 
 

Michael Peoples

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Post by Michael Peoples » Sat Feb 07, 2015 4:41 pm
Good luck with this and well worth getting your own valuation.
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
 
 

hubert

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Post by hubert » Sat Feb 07, 2015 5:25 pm
Don't forget people, Zoopla or similar sites will give an ordinary valuation not a "forced or quick sale" valuation which is what you want.

An ordinary valuation gives the sale start point whereby you would invite offers.
One pay-cheque away from oblivion!
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