How is equity release worked out if you have a joint mortgage?

[Alfie.04]

How is equity release worked out if you have a joint mortgage.

[Downhearted Lady]

Hi Alfie,

I have been down this road, the house will be valued and the equity in it is split 50/50 between the joint owners and the person in the IVA must let the IP know about the windfall and may have to pass all over to the IVA

[MelanieGiles]

Only your share of the equity is taken into account, assuming that you are the only one in the IVA.

[Alfie.04]

if equity can be released by re mortgage but partner does not agree(because their share of equity is lower than at present)where do we go from there

[ClareSilver]

Is your IVA up and running or are you still at the proposal stage?

[Alfie.04]

iva in week 54.waiting for house valuation and then try to get mortgage quotes.

[longroad2freedom]

i got three remortgage quotes, one being our existing provider, on a joint basis but was turned down by all three accounts.

My IVA firm then confirmed they could get a secured loan for less than the equity release required in my proposal. My IVA is in my sole name but this loan was on a joint basis with my wife but she refused to sign because she felt that it was not a remortgage but a completely different product that was not stated in my proposal.

I would suggest to read carefully what it states in your proposal.

[MelanieGiles]

It really does depend upon the actual terms of your own specific IVA proposal - as at the time your IVA was accepted there were still conflicting equity release modifications floating around from different creditors. Seek direct advice from your own IP, who has detailed knowledge of your case and is best placed to answer your queries.