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?
I think he states that he has no equity or any endowment Melanie
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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.
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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.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
