Looking for a step by step process of what happens in the equity release process in an IVA .

[Jay H]

So I am at the stage of equity release in the iva process at long last can someone give me a step by step process of what happens...figures are mortgage was for £127,640 share 50%...t & cs require 5% equity think the outstanding is 126,000 on the mortgage due to intrest only payments..many thanks

[MelanieGiles]

It really depends upon the terms of your own IVA proposals Jay, so difficult for anyone to comment specifically on this and advise you properly here.

Your IVA proposal should clearly set out how this is to operate in your case, and a chat with your own IP would probably be beneficial.

Have you had an updated valuation of your property, and if so how much has that come out at?

[Jay H]

Morning Mel recent valuation of to property's on my road have come out at 130k - 132k my t & cs if I have 5% or my equity I must attempt a release if not possible extends for another 12 months

[MelanieGiles]

Assuming that you have the usual IVA Protocol provisions, you will be required to explore a mortgage of up to £110,500 based on an 85% loan to value figure at a valuation of £130,000. As your mortgage is much higher than this, then I cannot see any additional money being due - but do check with your own IP to be sure.

[Shaun Vickery]

Based on the figures you state, there is clearly insufficient equity to enable you to release anything for creditors. I would speak to your IP to see what the alternative is.

[Jay H]

cheers guys for the answers i thought as much but was un sure