how difficult will it be to change my mortgage?

[sbs]

I AM ABOUT TO CHANGE MY MORTAGAGE AND ALSO ENTER INTO AN IVA IN THE NEXT FEW DAYS HOW DIFFICULT WILL IT BE TO CHANGE MY MORTGAGE AND IF SO HOW MUCH EQUITY DO THEY EXPECT TO RECLAIM AT THE END OF THE 5TH YEAR IN MY PROPERTY TO PAY SOME OF THE OLD DEBT

[Welsh Boy]

sbs

It is feasible for you to change your mortgage whilst you are entering or in an IVA. You would need to discuss this fully with your IP and take guidance from them.

Your rate would reflect your personal circunstances and each case is viewed on it`s own particular merits.

With regard to the equity they expect to reclaim, I can`t answer that part of the question as I am not qualified to do so. Your IP will go through everything thoroughly with you. Tony

[MelanieGiles]

You will probably be required to take out a new mortgage based upon 85% loan to value in the final year of your IVA and pay over any residual equity to the Supervisor for the benefit of your creditors. This is subject to a £5,000 deminimis level and your new mortgage payments being no lower than 50% of the value of your then current IVA monthly repayments.

This is an important area to understand involving your home, so make sure that your IP fully explains this to during your meeting with them.