85% ltv would be less than mortgage plus secured loan irrespective of whether your ip interpreted the £5k as each or combined. Looks as if there isno equity to release.
Two weeks ago I happened to be with my aunt when she got her house valued for future sale, (I went along to see what happens )
Anyway, the estate agent brought a pack with her that included a pre typed letter with a blank space for her to put the figure she estimated the house to sell at, considering it needs quite a bit of work she wrote down the current sale value, not if it had work done. She also included in the pack other houses on the street for sale or just sold so my aunt had an idea of what the houses were selling for.
I've already decided on the two agents we are getting to come value, and I'm telling them up front its not to sell the house and I expect to have to pay for the valuation. I don't want them hounding me after that thinking I want to sell, plus if they know in advance they won't over price the house. Hope that helps x
Just requested redemption statements for mortgage and secured loan.
Something else has just dawned on me.
Part of my mortgage is endowment and we have been receiving letters over the last few years indicating a shortfall is likely. Would this be taken into account by my IP?
No. I am afraid any potential shortfall on the endowment would not be taken into consideration. They are purely looking at outstanding mortgage vs. market value at this time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Had a letter today confirming there is no equity to release and my IVA will conclude in month 60, so pleased, been a hard slog but now so looking to a debt free future, would also like to say a big thank you to all who contributed with advice, could not have done it without you!!!
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