Equity question

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andy359

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Post by andy359 » Mon Oct 19, 2020 9:16 pm
If I have joint ownership of a property with over 60% equity will I have to sell my property or remortgage at the end of the IVA the RX1 has been asked for after 2.5 years of the agreement

Foggy

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Post by Foggy » Tue Oct 20, 2020 6:47 am
Basically --- Yes ! There is enough equity to trigger the equity release provisions. So, you will need to attempt to remortgage (or, according to which version Ts &Cs your IP used, obtain a secured loan). If you are unable to release equity the IVA will be extended by 12 months. You will not be required to sell your home.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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