Hi all how time flies.Im approching year 4 annual review so ill be going into my 5th year soon ! My question is about the remortgage am i remortgaging the remainder of the IVA balance or the original debt? ive searched online and its a bit vague.Hopefully somebody on here has been in this situation .Thanks
The ultimate ceiling is the total original debt. But the equity release clause has it's own ceilings --- the amount to be released is limited 85% of available equity in your share of the total equity. The repayment for the new lending cannot exceed 50% of your usual IVA payment amount and the term cannot extend beyond your current term or state retirement age, whichever comes last.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
