I have today received 2 letters from Estate Agents both saying that they would value my property based on a forced sale at £110k, my current mortgage balance is around £109500, would the OR calculate my BI to be £500 in this case?
I have also got prints from Rightmove etc showing similar properties to mine for sale at around £110k - £105k! and a print from Zoopla placing the value at £108k will this be enough evidence for the OR to make their decision?
No, as a rule they do not look at less than £1k equity so you should be okay, one thing to check have you included and 'early repayment penalty' which may be added onto your outstanding mortgage? as this should be added to outstanding balance when looking at potential equity (or lack of it)
Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Thats a valid point I dont think the figure includes the early redemption, however at the end of may the mortgage will go to standard variable rate and I guess wont had a redemption fee on it, so hopefully i can get it agreed before then.
I am keen to sort asap, as with nationwide reporting a slight increase in house prices I dont want to get pushed back into equity.
Beneficial Intrest
Posted - 02 April 2009 : 09:38:58
