My Mortgage is £51,768.73
My Secured loan is £11,565.60
Total outstanding: £63,335.33
According to Zoopla my house is value at £120,000 – I slightly disagree with this…
How much do I need to try and re-mortgage for? Surely the 85% LTV would mean I need to raise a further £38,665 is this correct? With what I paid back along with this would mean I have paid everything I owed plus probably another £30,000 on top!?
Can someone advise please.
Zoopla usually overvalue, but there is enough equity to be confident the release clause will be triggered. But using that valuation to work out amounts. Most firms do it this way:
Value £120,000 x 85% = £102,000 Less lending of £63,335 leaves equity of £38,665 on the property. If the house is in joint names and only one of you is in the IVA your share would be 50% of that.
Some will work it out this way:
Value £120,000 less lending of £63,335 = £56,665 x 85% give equity of £48,165
This is all subject to a ceiling of the total original debt, plus fee and possible statutory interest.
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