Private Housing

How much is it worth realistically?

If you need to obtain a valuation we suggest you find a reputable Estate agent and ask them to come the home to prepare a market valuation based on the current state of the property market in your area as this information will be needed if court proceedings are going to take place.

If you can agree with your spouse, which agent to use this would be better as it is a joint instruction and leaves no room for arguments later.

What is our outstanding mortgage liability?

As well as finding out how much it is worth you need to know how much you owe on the property. You may know roughly, but what about early payment penalties?

Ask your lender to provide you with a " redemption statement" to the end of the current month including penalties and any other charges.

How much is the endowment/ repayment vehicle worth?

A large number of people have endowment policies or other types of "repayment vehicles" attached to their mortgages, which have a surrender value if you cash them in early. You will need to find out what the value is and also get financial advice as to whether they should be cashed in or continued.

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Information on this page is current and last updated: 12/03/2008

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