4th year equity release
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bluecatblue
Posts: 44 Forumite
in IVA & DRO
hi
sorry this has been asked before, but i could do with some clarification.
I am onto my 4th year of my iva was with accuma, now with grant thornton, i am due shortly to look into equity release and was wondering if this could be an option for me. I really would like this, to hopefully finish the iva,my details are as follows:
mortgage 97,000 house just sold in same street 135,000.
also do they sort out a mortgage co for you, or do you have to find one yourself, as i don't thinks anyone would lend to us, whilst in a iva, as i only have a cashcard bank account no savings or extra money left for deposit or legal fees, also house has a land registry restriction on it so we cannot sell. If i cannot release funds my iva continues for a further 12 months.
thank you.
sorry this has been asked before, but i could do with some clarification.
I am onto my 4th year of my iva was with accuma, now with grant thornton, i am due shortly to look into equity release and was wondering if this could be an option for me. I really would like this, to hopefully finish the iva,my details are as follows:
mortgage 97,000 house just sold in same street 135,000.
also do they sort out a mortgage co for you, or do you have to find one yourself, as i don't thinks anyone would lend to us, whilst in a iva, as i only have a cashcard bank account no savings or extra money left for deposit or legal fees, also house has a land registry restriction on it so we cannot sell. If i cannot release funds my iva continues for a further 12 months.
thank you.
0
Comments
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If no one will remortgage, so you can't release equity, as you say, the iva will just run for another year. That's probably better anyway - at least all the equity remains yours.....;)Happiness, is a Kebab called Doner.....:heart2::heart2:0
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I think you would have to approach your current lender first, to see if they will do a remortgage. If they say no then you would probably have to approach another lender and ask them for a mortgage. If they also say no then you would make sure you have got both refusals in writing and send them to your IP as proof that you have attempted to release equity. Then you would discuss your options with your IP - extend for another year or maybe get a lump sum from somewhere (generous friend or relative) to finish the IVA there and then.One life - your life - live it!0
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Remember as well that no lender will be offering you a loan of 100% your property value, so if your place is valued at £135000, you might only get an offer of 80% of that (£108000). Knock off your £97000 mortgage and that leaves only £11000. By the time you have paid early repayment charges plus any other charges associated with remortgaging, what's left might not be worth the hassle paying into the IVA, so remortgaging would not be feasible after all.One life - your life - live it!0
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