Finishing IVA and Equity Release Request

losbert

I have just made my final payment against my IVA.

However, in order to complete and clear from my records etc I have been asked to obtain equity release.

I am a bit sceptical about this mainly as I don't know much about Equity Release and where to start.

If there are any pointers any one can give me then I would be grateful.

Thanks in advance

memberme

Isn't this usually initiated 6 months before the end, rather than at the end. Most won't be able to release any equity unless you are told to go down the new ' get a loan route'. But the process usually starts with valuations.
I had to get 3 valuation quotes, all of which were from local estate agents. 2 were free and one I paid for. I didn't tell the agents it was for an IVA. They all valued suitably and luckily low and I escaped as I did not meet the 85% LTV threshold. I didn't have to do an extra year as it wasn't in my contract if there was no equity, and my IP said they cannot give an extra year as an unfair alternative to no equity...But everyone's contract seems different..Things seem to have moved on since I finished in 2015, with some reporting being directed to loans secured on the equity, but estate agent valuations is a good place to start in any process.
You won't get a 2nd mortgage so it used to be extend the IVA a year if you have equity outside the 85% LTV, which is why I'm surprised they are only looking into this right at the end of your IVA