Equity final offer
Posted: Sat Feb 02, 2019 7:58 am
A friend of mine has come to the end of his iva and has been asked to pay £6500 equity. What are the chances of an offer of £4500 being accepted? Is it worth the try?
binhad wrote:A friend of mine has come to the end of his iva and has been asked to pay £6500 equity. What are the chances of an offer of £4500 being accepted? Is it worth the try?A lot will depend upon the actual wording of his equity release clause as to what will happen. Has he been told they want £6500 or has he been asked to attempt to release this amount ? Are his terms "Remortgage or extend the term" or "Remortage, secured loan or extend the term" ? Does he agree that there is £6500 equity there anyway ?
Best scenario is possibly to be unable to remortgage and not be requird to get a secured loan ---- so get a 12 month extension. Assuming 12 payments are less that £4,500 ..... then he offers the 12 payments as a lump sum (from a third party).