My husband and I are in a joint iva, we have offered a Full & final to finish early. Will b 4 years in Nov 2017; thy have requested a home valuation which shows we have 190000 equity in the property..
What does this mean????
Thank u for your help!
Had a look on zoopla which showed that my house was worth £111000
So -- just for the time being -- take a valuation of £120,000 ( which you can back up from your searches ): 45% share = £54,000 Less outstanding mortgage = equity of £5,000. This is without taking account of teh 85% LTV usually used but means any valuation you can prove below £120,000 will mean no equity extension, so the creditors would be expecting only the 19 payments at £500 ( £9,500) --- so £5,500 is looking more realistic.
noshiela wrote:I'm sure thy said if the equity is above 5000 each for my hubby and I we will have to pay,
That is usually correct ---- but some IP's don't allow two lots of the £5,000 (so I erred on the side of caution ) --- but there is every chance that you don't have equity, if you can get that valuation down.
They do not usually take of the estate agents fees for the purposes of this calculation. So your calculation will trigger equity release. But we still have to figure in the 85% LTV, so, again using your £140k
85% LTV = £119,000 x 45% = £53,550
Less £49,000 = £4,550
So, no extension ---- again there is an assumption here that they use the usual method ( as I mentioned -- some do it differently)
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