Hi
Thanks[lol]
Ok,If you do remortgage the maximum that you could pay will be the total original debts,IP fees and statutory interst,less payments made.If this was the case your IVA will be concluded there and then.If you can't remortgage due to affordability issues then you will normally be required to exrend your IVA for a year in place of the remortgage.You will not be required to sell your house.
To pick up on JPJ's valid point.
Each IVA is different,the majority require you to remortgage 85% of the available equity and to answer your point about remortgaging for more than you need you wouldn't do this,you would simply work out what 85% of your equity was and remortgage to release just that part.If your IVA stated that 100% was needed then you would remortgage to relaese all of this.remember it,s a percentage of the equity available to you via a remortgage so will never be the full amount as you can never remortgage to 100%ltv.
So for an example
100k house,50k mortgage,IVA asks for 85% of available equity.Max ltv is 85k,giving 35k..you will then release 85% of this [29,750]
In the same example if your IVA asks for 100% of available equity then you will release the full 35k
In JPJ's case it,s a simple 75%ltv and on the above example he would release 25k
Hope this helps
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
