I have had my house valued by an estate agent and it comes in between £175000 and £180000 and my redemption figure is £160000. What do I do about getting two mortgage quotes as I can't seem to find any. My chairmans report says that I must introduce equity no less than 85% of value into IVA before the arrngement ends. If unable to then a meeting will be called. Not really sure what this means.
Speak to your IP because you will not get a remortgage at that loan to value. It may then depend on whether the IVA can be closed after 60 months or extended into another year but your IP will know the specifics of your case. Try and avoid applying for remortgages as you will be refused and this can impact on your future credit file. Better to speak to a broker who can tell you that you will not get one without having to have a search carried out.
