Hi,
Although my ex and I have decided to sell the house in order to release the equity - just out of curiosity, are there any remortgage deals out there for people with IVAs? Or are most people selling or extending the IVA by a year?
A sale is never complete until the forms have been signed so if this falls through my ex and I may well look at remortgage deals.
OW
- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'
Welshboy (Tony Parsons) is usually the best person to advise on remortgages. I'm sure he'll pick up on this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
People have to realise the long term costs of these new wave sub prime mortgages,and also remember that even if they remortgage onto a 2,3,4 year deal that even after it ends they may well still struggle to get an "ordinary" mortgage!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
A sub prime or adverse mortgage is no different to a "ordinary mortgage" as you put it.
The difference tends to be the interest rate and having said that a coyple of years ago you would be hard pushed to find to much of a difference with sub prime/adverse and high street deals.
Because the lenders are not on the high street as per your bank or building society it doesn`t mean they are anything to fear. They have to operate under the same FSA guidelines on mortgage lending.Being a high street presence doesn`t mean a thing, look at the bright sparks in banking and what they have done to the economy and that bears out my point.
The rate tends to be a little higher as the lender is taking a little more risk. Hope this helps you to understand.Tony
F.P.C. 1,2,3 Qualified
Financial Planning Certificate
CeMap Qualified
Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Debt Advisory 4U
Principal : All Mortgage Products
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk