equity payment after 4 years?

[rickyg33]

how does this work?

if you are up to your lending limit as regards multiples of earnings [3 times or 4 times salary] how can equity be released?

rickyg

[Adam Davies]

Hi
It can't
As long as you can show your IP that you have made several effors to obtain a remortgage you have complied with your IVA and it should be concluded at the end of the five years because you are unable to remortgage due to affordability issues
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[carlmcmullen]

You need to demonstrate to your creditors that you are unable to achive the re-mortgage.

They normally ask that you approach 3 differnt lenders to satisfy this and if you cant then you cant.

Was it proposed in your Proposal to introduce equity?

[rickyg33]

nothing's been proposed as yet......I'm trying to weigh up how the IVA works before diving in

[Andrew Graveson]

Hi rickyg,

A lot of mortgage lenders are more interested in whether a mortgage is affordable for you rather than specific income multiples.

[carlmcmullen]

How much equity is there in the property ?