House equity

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1


User avatar
Posts: 1
Joined: Tue Sep 07, 2010 5:28 pm

Post by brenda.ct » Tue Sep 07, 2010 5:28 pm
if I enter an iva will my house be affected, it says you may need to use some of the house equity but how can I do that without selling and being homeless?


User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am

Post by liamjames » Tue Sep 07, 2010 5:30 pm
Hi Brenda and welcome!

If there is any equity in your property, you are usually asked to remortgage. That might not be possible, so there is often an option to extend the IVA by 12 months instead.

Take care. :)
Take care,

Liam James
Varden Nuttall

Read our reviews here:

Tina Shortland

User avatar
Posts: 2950
Joined: Tue Jan 05, 2010 11:30 am

Post by Tina Shortland » Tue Sep 07, 2010 5:47 pm
Hi Brenda.ct - welcome to the forum,

This is often people's main concern when considering an IVA. It would not be all the equity in your property that would be looked at - you would be asked, in the final year, to remortgage to 85% of the forced sale valuation of your property at that time. If your mortgage is already higher than that then there would be no equity to release but if there was some, and you could not remortgage, as liamjames says, thre may be a calsue to extend your IVa payments by up to 12 mths.

If you are looking to find a way of sorting out your debts, the best thing you can do is to call 2 or companies to discuss your situation in more detail to understand the full facts and the implications of all options open to you.

There are highly recommended companies and IPs on here who are also reviewed at

Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at

If you’re ready to ask us for specific advice or help, then get in touch at so you can start to free yourself from the stress and anxiety of overwhelming debt.


User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am

Post by MelanieGiles » Wed Sep 08, 2010 2:16 am
This does not relate to whether you have "any equity" - but generally these days relates to an equity calculation formula based upon a maximum 85% loan to value formula as Tina has rightly identified.

Please make sure you take professional advice from a reputable insolvency firm with regard to this very important area involving your home.
Regards, Melanie Giles, Insolvency Practitioner


User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am

Post by Shining » Wed Sep 08, 2010 3:38 am
Hi why not take a look at for a list of companies and some reviews of these, always take the advice of 2 if not 3 companies to ensure impartial free advice and all debt solutions can be discussed with you including that of an IVA and the equity release in full. All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”