4th year equity release

[donna23]

Hi, what do you think will happen to poeple
like me that have to remortage in the 4th year
mine is coming up with the market being the way
that it is any help anyone
Thanks[:)]

[Adam Davies]

Hi
As long as you attempt to remortgage then you will have met the terms of your IVA and it will conclude at the end of month 60.It may extend for a year but only if this is written into the original proposal
Regards

[nomoredosh]

Donna I suppose it will depend on how much equity you have in your property and whether there is a lender out there at the moment that is prepared to lend to you. I know that there is somebody that posts on this forum that will try to arrange a mortgage for you or maybe Melanie or another Ip will be along to advise you. Best of luckxx

[donna23]

Hi Dave Thank you for that i can sleep a bit better
knowing that[:)]

[Soulgrowth]

In some ways that current mortgage crisis has worked in favour of those who are in IVAs for, as Andy says, so long as you show that you have tried to find a remortgage, if you cannot there is likely to be an extra year of IVA payments tagged on to the end but at least then you are clear without extra mortgage payments to have to find in the future.

Debbie

[donna23]

If the houseing market dosent drop anymore
i will be looking for about £10,000

[donna23]

Sorry that is on top off my mortage now which is
£113,000 god is worrie[:0]

[MelanieGiles]

Donna - this will rather be dictated by the terms of your own arrangement, and if this is not covered, your IP will probably call a meeting of creditors to ascertain their wishes which might involve you paying for a further year in lieu of the equity.