if i get a IVA will i still be able to remortgage?

[spaul]

if i get a IVA will i still be able to remortgage my house

[MelanieGiles]

Hi spaul and welcome to the forum

It will largely depend on the value of your property, the amount you will owe to your mortgage lender and the attitude of future lenders including your own.

I am assuming that your query relates to the requirement to release equity during the final year of an IVA?

[liberta]

Hi Spaul and welcome from me too.

Melanie is correct, it depends on the value of your property and how much you want to re-mortgage for.

The mortgage market has tightened up a great deal recently and a lot of lenders have reduced the loan to value ratio to 75% of the property value.

If you want to re-mortgage because your current deal has come to an end then you may be better off talking to your current lender in the first instance and seeing if they can put you on another deal. Otherwise speak to a mortgage advisor and see what they can do for you. You may even find (if you are on a fixed rate mortgage) that with interests rates so low at the moment your monthly payments are not affected that much.

If you are talking about re-mortgaging to raise money to release equity during the final year of the IVA, then any such requirement should be based on your ability to obtain such a re-mortgage. It would be possible if necessary for the Supervisor of your IVA to return to the creditors to ask them to accept an additional 12 payments to the arrangement instead. The necessity for this will depend on the exact wording of your proposal

[Welsh Boy]

spaul

Technically yes there are mortgage deals available to those who have had or are in an IVA.

As previously mentioned the loan to value will be critical along with other factors i.e. whether the IVA has been "conducted satisfactorily", affordability would be another issue.

Each case is viewed on it`s own individual merits.