“six months prior to the expiry of my iva (hereinafter referred to as the review date) i will attempt to release the net worth in my home by way of a remortgage.”
they are also requesting a copy of a recent valuation, mortgage and any secure loan statements to establish the level of equity, if any, that i am required to attempt to release for the benefit of my creditors.
i am just panicking and wondered how much equity i would be required to release. the iva and the mortgage on the property is in my name only, i am married but although my husband is not included on the mortgage or in the iva they take into account his income. i am assuming he is also entitled to a percentage of equity within the property because it is the marital home.
can anyone reassure me here? i owed 19k on entering the iva and have paid approx £6,600 into the iva. i have kept all payments up to date, and they say i owe £500 from one of the financial review undertaken two years ago. can anyone confirm how much equity i would likely have to release? my current mortgage is 252 per month and i owe approx £1800 on a ccj attaches to the property.
any help would be appreciated. as my and my husband are relying on our equity for a deposit to move when the iva is completed.
It is highly unlikely that you would be able to remortgage and probable that, ducking and diving by the IP allowing, you will get the extension. Dig out your paperwork and do not rely on quotes cherry picked by the IP.
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