Re-mortgaging

[rogerv78]

Hi all,
This is my first post on here and would appreciate some advice, I hope someone can help us.

We have been under an Iva since July 06 with Accuma, all has been fine until May this year when our 2 year discounted mortgage ended and since then with the interest rate forever going up and up our mortage has now become very hard to pay every month on top of everything else.

We decided to remortgage with a new company as we were not happy with ours, we spoke to our IP who said it is ok to remortgage so we began the process, we also have a 40k secured loan on our property and would like to include this in our new mortgage, which in turn would make things better all round as our monthly payment would be less, which in turn would possibly free up some of our money to increase the Iva payment.

Do you think this would be possible or would they just see it as getting extra funds on the mortgage ?

[Adam Davies]

Hi
I can't see a problem with that,just make sure that you take into account the fourth year equity release clause and don't tie yourself into a penalty charge for remortgaging again in year 4
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

[MelanieGiles]

Hi there and welcome to the forum

It seems very sensible to remortgage at the moment to consolidate the two secured loans, but the marketplace is very tight in terms of sub-prime lending and funds are scarce.

Hopefully one of the mortgage broking experts will be on line this evening to assist with this enquiry and find out a few more details from you.

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

[bagpuss]

I would go through a broker...there are some on here and i used Leybridge.

Important to ask about upfront fees...i am guessing that you wont have funds for solictitors and valuations...so no upfront fees is important.

Just another option to help with bringing down those monthly mortgage payments is to maybe go interest only for a while...even if its just to ride out the IVA....or if you are able, to extend the loan term.

best of luck x





Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[rogerv78]

Hi andy thanks for the reply, what is the equity release clause, it may help if I say that our Iva was for 5½ years due to the fact there was not enough equity with the mortgage secured loan and what debt we had.

The paperwork had something about 66 monthly payments to be made including those made in lieu of our interest in the property.

Also just rememebered to ask is it normal for your yearly evaluation to take a couple of months to be done, it was origanlly due to be done in july but as accuma said they were running behind we did not receive any paperwork until october we sent it all back but have heard nothing since.

Hope this make sense.

rogerv78

[rogerv78]

Hi angie,

Thanks for the reply we are going through a broker and for an interest only mortgage, all the fees for solicitors etc are bring included in the total borrowed so we dont need to worry about that.

We have already done most of the paperwork for it but started thinking about the fact that they may see paying off the loan as getting extra funds that they could have and we started to panic a bit.

Thanks for the advice and thank you melanie for yours.

[bagpuss]

the secured loan would have been paid anyway...so i dont think the other non secured creditors will mind. And...as doing all this may mean a little more into the IVA i am sure they will be very happy. xx

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[Adam Davies]

Hi
Well the fouth year equity release does not affect you and you are free to release equity as you need to.
How much equity do you have,what are your total debts going into the IVA and what dividend were you proposing ?

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

[rogerv78]

Ok well our total debts in the IVA are around 40k, as for the equity we have about 25k, and we were hoping to pay around an extra £100 per month just depends when its all done and dusted and what our monthlys look like afterwards, I forgot to mention I am self employed so our monthly income changes regularly.

Thanks

[Andrew Graveson]

Hello,

It looks as though you already have good help on board with sorting out the mortgage.

As Angie and Andy have said it looks like the remortgage should not be of concern as it relates to the IVA.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[Adam Davies]

Hi
What payments are you currently making into the IVA ?
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