We owe 110,000 on the mortgage and have a 25,000 secured loan. The house is worth 200,000. We pay 850 a month for the iva so including year 6 would need to borrow around 20,000 to pay off the iva. We have 12 years left on the mortgage.
I would demonstrate the equity and submit it but I would personally prefer a 12 month extension ... it will be done and behind you alot quicker than a new loan.
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