Posted: Fri Mar 07, 2008 10:00 am
Still gathering info in preparation for a way forward.
Current situation with house is:
Current value is somewhere between 170K and 185K - say that because estate agent valued at 185 last June but when was thinking of remortgaging the Abbey (current lender) surveryor said they would only value it at 170K.
Current mortage os is 139K and is interest only. House and mortgage is in my name because it went into my name when we divorced but as we remarried (each other) my husband would be entitled to his share if we did split again (hope not but have to be realistic and he would be really naffed of it my creditors wrote him out of the equation. I don't want my family to go through any more stress).
I am 54 next, if I want into an IVA that would take me to 59/60. As the mortgage is interest only and I would then be nearing retirement what would be the situation about equity release towards the end of the IVA. The other thing to consider is I have one daughter just started uni so will be coming backwards and forwards for a while and one of 12 so will only just be finishing high school at the end of an IVA.
Help!!!! I am really bothered about having no where to live. Our house is one of the cheapest where we live in sunny Lytham St Annes and I don't know what else we could afford round here. Thinking really long term I don't want to move to far away as I hate to see old people driving who shouldn't.
Current situation with house is:
Current value is somewhere between 170K and 185K - say that because estate agent valued at 185 last June but when was thinking of remortgaging the Abbey (current lender) surveryor said they would only value it at 170K.
Current mortage os is 139K and is interest only. House and mortgage is in my name because it went into my name when we divorced but as we remarried (each other) my husband would be entitled to his share if we did split again (hope not but have to be realistic and he would be really naffed of it my creditors wrote him out of the equation. I don't want my family to go through any more stress).
I am 54 next, if I want into an IVA that would take me to 59/60. As the mortgage is interest only and I would then be nearing retirement what would be the situation about equity release towards the end of the IVA. The other thing to consider is I have one daughter just started uni so will be coming backwards and forwards for a while and one of 12 so will only just be finishing high school at the end of an IVA.
Help!!!! I am really bothered about having no where to live. Our house is one of the cheapest where we live in sunny Lytham St Annes and I don't know what else we could afford round here. Thinking really long term I don't want to move to far away as I hate to see old people driving who shouldn't.