It is not 50% of your mortgage.
Its up to 50% of your current iva payment. So if iva is £250 a month, the loan/mortgage cannot be more than £125. You will no longer be paying the iva so this would in theory release £125 a month as surplus money (the difference between loan repayment and iva payment).
We were very surprised by the figures we have been given and how our company has gone about this for us. Just waiting to hear if accepted.
Go through a reputable company to establish what you can release. Weve had to do a realistic I&E and have house valued. Theyve then looked at what we can afford and what banks would lend usgiven rubbish credit rating, but within the 50% clause.
Hope that makes sense and helps.
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