if I am not able to get a mortgage

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rpw

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Post by rpw » Tue Oct 30, 2007 1:07 am
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Hi - I'm 8 months into an IVA. One of the conditions was to have my house valued during the 4th year and repay 75% of any equity by a remortgage. What happens if I am not able to get a mortgage or (because of my age) would only be able to take a mortgage out for a short period and then the repayments would be too high? I read on one website that any new mortgage payment should not be greater than your IVA payment.
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MelanieGiles

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Post by MelanieGiles » Tue Oct 30, 2007 8:49 am
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Hi rpw and welcome to the forum

You will need to check the express terms of your IVA proposal and Chairman's Report to find the answer to this question, as there are many differing clauses referring to equity release at the moment. What did your IP advise you when you entered into the arrangement? And I suggest that you take advice directly from him/her on this important matter, as they have detailed knowledge of your case.

Generally, so long as you can demonstrate that a re-mortgage is not possible, this should satisfy creditors, but I am slightly concerned that this was not highlighted at the creditors meeting as a concern.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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