Aperture and Equity release

ritzman

We are 6 month away from the end(5 years) of our IVA and just had the equity release question.
We are with Aperture ex. Grant Thornton and our valuation was £250,000 with £205,000 mortgage outstanding.
So with my calculations 85% LTV = £212,500, which then leaves £3,750 each share remaining, which is below the £5k.

Not according to Aperture, who say we need to re mortgage or pay another 12 months.

Where can i go from here?

foxy-stoat

If you read your original agreement, it should say if you cannot re-mortgage then your 5 year IVA will go another 12 months.


What does your agreement say?

ritzman

Yeah it says about paying another 12 months if not re-mortgaging, but my question was about the equity calculation. If there is no equity then it doesn't matter if we can re-mortgage or not.

UpToMyNeckInIt

You say 'our' IVA, so I assume that you are in a joint IVA?

If so then surely, by your estimation, you jointly have approx. £7,500 equity, and so Aperture are correct in requesting an extension.

ritzman

Thought there was no was no such thing as joint IVA, as it is an 'individual'. Ours is interlocking so each have 50/50 share of property.