Mortgage Providers

[bcook]

I am in the 4th year of an IVA and as part of the agreement I have to release equity in my house.

What mortgage providers have people used in the past?

Is there a set procedure that needs to be followed?

I have contacted my IP and they have said that they don't get involved/offer advice as its down to me to sort.

I presume it's not worth trying any of the high street lenders (I bank with the Nationwide).

Any help would be gratefully received

[Shining]

Hi and welcome to the forum, I'm not at the same stage as you just yet but there has been much discussion in recent months about equity release. I think you will need to approach 2 or 3 providers but unfortunately I think they will all say no and I would personally contact your own mortgage provider as part of this. It's almost impossible at the minute to re-mortgage and when you get declined you will need to send these to your IP and more often than not a 12 month extension in lieu of equity will be granted.

[Foggy]

I think the first stage ( and this depends on the wording of your proposal ) is to see if there is any equity to address in any event. If you are in negative equity, or there is less than £5k available the property might be exempted from your agreement.

Does your proposal make reference to releasing a specific sum, or just "equity" ?

[bcook]

Thanks for the replies

The IVA mentioned a specific amount that should be released from the house.

The agreement also states that if no equity if freed then the IVA could be extended by a year so I am expecting that.

The house is worth more than what is left on the mortgage - more than the IVA requested although I suspect that any freed equity will have to go the IVA.

Are there any specific mortgage companies I should be contacting?

Thanks again

[Shining]

I believe that it is your choice who to contact.

[Foggy]

A years extension, though a pain, generally works out financially better for you, in the long run (dependant, of course, on the level of repayments).

It is up to you who you approach, there is a fair chance that they will all say no in any event.

[MelanieGiles]

There are some mortgage brokers who will provide all of the paperwork you need for a small fee, which should be borne by the IVA as it is the IVA which requires you to obtain such paperwork. I can provide some contact details for some if this would help - and your own IP must have links to mortgage brokers, as they probably refer him/her work.

[andwat]

I'm trying to understand this clause. i still jointly own the marital home with my ex partner who lives there with my daughter.

i am just preparing my iva and wanted to know what would happen if she refuses to remortgage. would i be able to remortgage on my own.

thanks

[lifenoteasy]

The last post on this was 5 years ago which has seen significant changes since then.

It would be unlikely you could remortgage but I would suggest you also need to work out what is needed to protect your daughter and how the IP regards the house.

[Foggy]

Ask your IP the questions suggested on your other thread before signing up -- it is VITAL that you understand this clause and the way your IP will apply it.

If you ex decides not to co-operate you could explain to her that another option is going bankrupt where the house will be taken regardless of consent. Obviously this is a scenario you don't wish to see, but the illustration might make her think about trying to help rather than hinder your getting clear of debt.