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Hi All,

I would appreciate your advice. I have an interlocking iva with my husband, we both have the 85% ltv and £5000 equity clause in our proposal.

What I don't understand is the £5000 equity. Is that £5000 of each of our share in the equity of the property, making it £10,000 or is it an overall £5000?

Thank you.

Hi

I believe it is your share, so 10k between you minimum

Regards

Wow I would love to know this myself as I always thought it was 5k between us.

Even if it was 5k total we have no equity - or maybe a couple of grand at the most. However if it is 5k each so 10k min for our interlocking IVA's then that 100% confirms that we have no equity at all!

It is again a grey area, as the Protocol does not deal with interlocking cases, but we certainly use £5,000 each in my practice.