Get expert opinion. This is the place for new questions to be posted.
-
S.70
- Posts: 1
- Joined: Sat Feb 01, 2014 8:05 am
Hi, we have just started an IVA after 2 years on a DMP and I'm still having worries regarding the re-mortgage , after the 5 years term. We would have enough equity in the house by this time for the ratio to be under 85% . The IP told me that although we would have to TRY to re-mortgage the creditors wouldnt be able to force us to extend our mortgage term. Which would have 7 years left . And that we would jut have to add another year to the iva to cover this. Is this right as after reading posts on here I'm confused.
-
Struzzo39
- Posts: 1820
- Joined: Sun Jan 24, 2010 5:56 pm
- Location: United Kingdom
Our IVA states that at month 54 we have to get a valuation of out property to try to remortgage. It has to be less that 85% ltv or more than £5000 each. If either of theses is not the case than the IVA will automatically conclude. If it is the case then we must try to remortgage. which is an impossibility more or less so we would extend our plan a further 12 months. I hope this helps
Steven & Debbie
-
shennyp
- Posts: 4
- Joined: Fri Jan 31, 2014 9:22 pm
- Location:
This is what I'm hoping happens. I wish we had started with an iva instead of DMP as we would be nearer the end of the tunnel !!!
