| T O P I C R E V I E W |
| MRBLUESKY |
Posted - 08 June 2009 : 11:14:22
Hi if you have a clause in your iva to release equity in the 4th or 5th year say from your property, how can you get a remortgage to fullfil that clause when your credit score is shot and your not allowed loans while in a iva. |
| 5 L A T E S T R E P L I E S (Newest First) |
| MRBLUESKY |
Posted - 08 June 2009 : 12:10:32
hi thank you for your informative replies personally i hav,nt got the equity release clause in my iva because im not a homeowner.but because of the current recession climate i thought it was a question to ask for the benefit of people who entered into iva,s a few years ago with the clause,when conditions for equity release was more favourable than the current economic situation we all find ourselves in now. |
| kallis3 |
Posted - 08 June 2009 : 11:30:33
I think we have to approach two reputable companies to see if we can remortgage - if not, then ours continue for the extra 12 months as Michael has said. |
| Welsh Boy |
Posted - 08 June 2009 : 11:29:36
ronald.h1
You can apply for mortgage funding whilst in an iva, one of the most critical things being the loan to value on your application.
You would obviously need permission from your IP first.
Tony |
| Michael Peoples |
Posted - 08 June 2009 : 11:27:56
You are allowed to borrow in an IVA but you must have the consent of your supervisor to do so. This would obviously be granted as it is a condition of the IVA. The remortgage question is different as only a couple of years ago people in IVAs could get a remortgage at up to 90% loan to value at rates below 5% but now it is much more difficult. If the funds cannot be raised in the fourth year the IVA can be extended by up to 12 months if there was an equity which could not be realised. If there is no equity or less than £5k the IVA would be closed own after five years in many cases anyway. |
| mickyboy |
Posted - 08 June 2009 : 11:22:46
Some comanies will lend to you for a mortgage. The alternative if you cannot raise the mortgage can be for the IVA to be extended for 12 months. |
