I am trying to estimate what I will need to do at the end of my IVA which is in 4 years, I know this is way in advance but I want to be prepared.
I have a shared ownership property to which i own 40%, property was purchased for £134500 I have approx £42,000 left to pay on my mortgage, and is now currently worth around £150000. I have been reading about remortgaging and equity release etc, but I dont really know how it works with shared ownership. Does anyone know?
OK, thats not too bad, ideally I wouldn't want any extras lol but I get it. What I don't want is a huge equity bill.
Ideally what I would like to do after my IVA is finished, is staircase to 100%, again during this IVA I am trying to save as much as possible within the limits to ensure that I do have options, then if it transpires I dont, then I can make an offer.
I'll just keep plodding on then.
Michael Peoples wrote:At these figures I do not think you would qualify for an extension anyway as £150,000 x 85% = £127,500. When you subtract the £90,000 owing to co-ownership for their 60% there is not even enough available to clear your existing mortgage. However, if your IVA equity release is based on 85% of 'your interest' then you could face an extension. Worth checking out as a year's less payments would be worth avoiding if at all possible.
ive just checked and it does...
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