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Posted: Mon Dec 22, 2008 11:15 am
by jasminek8
Would my home be at risk if I did an IVA? I have no equity in the property or endowment.
Posted: Mon Dec 22, 2008 11:47 am
by MelanieGiles
No - but you would have to agree to have the property revalued during the final year, and then raise any equity at that time subject to a maximum 85% loan to value borrowing. With regard to the endowment, this will have a value, and creditors may well want to see this realised as part of the IVA. Is the policy assigned to the mortgage company?
Posted: Thu Dec 25, 2008 2:56 am
by David Mond
I think he states that he has no equity or any endowment Melanie
Posted: Thu Dec 25, 2008 9:07 am
by kallis3
It may well be that it gains equity in the 4 years to the re valuation. It will probably still have to be valued just in case.
Posted: Thu Dec 25, 2008 3:17 pm
by David Mond
OK - it is how you read and interpret the post. If he has an endowment attached to his mortgage then yes it will have to be valued.