18 months to go ,required to remortgage my house

[Smiler]

Hi

I have 18 months to go before I am required to remortgage my house under the terms of my IVA. I am guessing that my current mortgage will represent about 85%LTV at this time. If this is the case what is the likely outcome as i would expect that I would not be able to get a mortgage with a LTV above 85% but there is obviously some equity there. The house is in joint names so my wife would own 50% of what is left.

[aguise]

Hi smiler and welcome to the forum.
I am no good with mortgages as I have never had one, but I think I have seen if you cannot remortgage then some pay an extra year to the iva. Not positive on this so please wait for other answers.
I as usual cant sleep and have been up since an unearthly hour. Other answers will come.

Ang

[Soulgrowth]

Hi Smiler ... and a warm welcome to the Forum from me also.

This is going to be an inceasing problem with the mortgage situation as it now is ... and I think the advice given by Ang above is quite accurate [:)]

How great that you have done so well with and survived your IVA ... always good to hear a success story.

All the best


Debbie

[jpj]

Often your IVA states what figure you have to remortgage up to (mine says 85%) as im already at that figure I dont have to remortgage,and i dont have my IVA extended.
Your not expected to release every penny from your house.

[kallis3]

Hi,

We have to try and remortgage at month 54 85% LTV. The repayments cannot be more than 50% of our IVA repayments. We only have to try two reputable mortgage dealers and if we can't get one we just carry on for another 12 months.

[MelanieGiles]

It will depend upon the exact wording of the clauses relating to this in your proposal. I suspect that your IP may be required to call a meeting of creditors to determine their wishes in the event that you cannot find a suitable mortgage product to enable equity to be released.