www.iva.co.uk

Could any one go through the process of what happens at mth 54 when you have to have your property valued and how you get offers for a remortgage/have you got to have two valuations and two offers or decline of remortgage as i am in mth 46 at the moment and my ip is gthornton/i am not looking forward to have to go through this thanks

at month 54 you have to get your house valued.try and get a quick sell price as it to your benefit.you have also to get a redemption figure for your mortgage fron your mortgage provider(just ring and ask them to send you one,its easy).then if you have a protocol iva(which most will)its works like this....
eg
house value £100,000
redemption figure say £95,000
you then prob got the 85%loan to value clause.
£100,000 at 85%ltv=£85,000
less whatever you owe on mortgage
this would be in example
£85,000 less £95,000 =minus £15,000 in negative equity.
so you would not have remortgage at all as you would be in negative equity.you may even have the£5000 de-minus so you can be as much as £4999 in positive equity and still not have to remortgage.

I am with DFD. At approx month 54, DFD got in touch and asked me to supply a copy of my latest mortgage statement. They did the rest.

DFD might be relying on online valuations like zoopla --- great if it goes in your favour, but very unreliable.

When we started with GT they used the online outfit "real time valuations" for our house, as our street is a mix of 2 bed terrace and 6 bed detached it just gets and average for the street as a whole so it worked in our favour..

It is beat to get your valuation as the surveyor can pick up on any defaults which may reduce the value. Your IP may even allow the cost to be paid from the IVA.

thanks for the replies i also have a loan on the house as well as a mortgage do you need a redemption figure for that as well thanks

Absolutely as this will further reduce any equity in the property. Equity is what is available after a sale and not the mortgage on its own has been redeemed.

thankyou

Hi Julie, Foggy is quite correct, DFD do use Zoopla and other's to get a valuation on your property, please make sure all your details are correct as mine weren't and it had my house over valued, thankfully for me there was an identical house 5 doors down the road up for sale so I got those details and sent those in as evidence. I also got a report from the borough that I live in to reflect what was going on with house prices in and around where I lived.

If you can get a written valuation even better and be mindful that if you are having difficulty in getting this I was informed by DFD that they would pay for a valuation, so something to keep in mind. Send all the information and evidence that you can, obviously if you have equity then be prepared for either an extension or release of that to meet whatever was agreed in your terms and conditions. Good luck.

thanks for all replys