Equity Release

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steve776
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by steve776 » Thu Nov 02, 2017 8:13 am
Hi
I am a newbie and after some advice, i am 4 years into my IVA and would like to see if i could offer a final payment, my agreed amount to repay was 13k i have repaid 7k leaving 6k remaining.
I have a son who has speech language and behavior issues, he is now at school in reception and already falling behind, he does not get any regular support from the NHS, so we are paying for a speech therapist and behavior expert to go into school weekly, i was told this was not considered a expenses but is it costing £250 per month that my dad pays half, i also have health problems as i have contracted a heart problem named Myocarditas which is slowing me down and my company have said they cannot keep paying me a full wage when i am off sick.
My question is i have approx £100,000 equity in my house and i need to convert my garage so my son has his own room and is not sharing with his sister (which is causing problems) if i could borrow against my house, could i pay the 6k i owe, or could they take more money than that?
Please Help
:(
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Foggy
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by Foggy » Thu Nov 02, 2017 9:16 am
Hi Steve, the amount you state as "owing" is not a fixed figure. You actually "owe" the full debt plus fees and interest. It is only at the end of the IVA that anything unpaid is written off. Added to this that, due to your equity, you are likely to get a 12 month extension added on, the amount you will end up paying is likely to be a bit more than the £6k you are expecting.

I would have a word with Shaun Vickery who I know has mortgage products that could help. His details are here: memberlist.php?mode=viewprofile&u=22837

The trick is in how you approach this, and Shaun has done this before .
steve776
Posts: 3
by steve776 » Thu Nov 02, 2017 9:33 am
Foggy wrote:
Hi Steve, the amount you state as "owing" is not a fixed figure. You actually "owe" the full debt plus fees and interest. It is only at the end of the IVA that anything unpaid is written off. Added to this that, due to your equity, you are likely to get a 12 month extension added on, the amount you will end up paying is likely to be a bit more than the £6k you are expecting.

I would have a word with Shaun Vickery who I know has mortgage products that could help. His details are here: memberlist.php?mode=viewprofile&u=22837

The trick is in how you approach this, and Shaun has done this before .


Thanks, another option is my father or uncle paying off the 6K or making a final offer, is that possible?
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Lisa Thomas
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by Lisa Thomas » Thu Nov 02, 2017 9:41 am
How much are your monthly payments? Multiply that figure by the amount of months you have left.

This gives you a starting point for a F&F offer.

I think you will struggle to remortgage due to the IVA and your credit rating, even if you settle early but shun or Ryan will no doubt correct me if I am wrong.
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Foggy
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by Foggy » Thu Nov 02, 2017 9:41 am
steve776 wrote:
Foggy wrote:
Hi Steve, the amount you state as "owing" is not a fixed figure. You actually "owe" the full debt plus fees and interest. It is only at the end of the IVA that anything unpaid is written off. Added to this that, due to your equity, you are likely to get a 12 month extension added on, the amount you will end up paying is likely to be a bit more than the £6k you are expecting.

I would have a word with Shaun Vickery who I know has mortgage products that could help. His details are here: memberlist.php?mode=viewprofile&u=22837

The trick is in how you approach this, and Shaun has done this before .


Thanks, another option is my father or uncle paying off the 6K or making a final offer, is that possible?



That would be a better option --- you need to base an offer on the number of months remaining ( plus 12 for the equity release clause) multiplied by the current monthly payment. This can be rounded down slightly, but not too far.
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