remortgaging with an IVA

[flashingblade]

Hi

Im looking to combime my interest only mortgage with my secured loan into a repayment remortgage. We are 8 months into an IVA, and obviously the remortgage payment has to be the same or less than the two combined.

Is this possible with an IVA, and does anyone know of a mortgage firm who takes on ppl with an IVA? We also dont want to have to pay out much in intial fees if possible.

If i took a couple of extra grand for a new kitchen would this have to go through my IP as its credit?

Any info's a help!

[bagpuss]

not quite sure i understand but if you are in a IVA then you have to inform your IP of any financial changes you are planning.

I dont think doing a remortage and getting extra for a new kitchen would be allowed.

Angie xx


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

[emma_t]

Hi
I imagine that 'taking an extra couple of grand' would be seen as taking credit, as you are borrowing it and your payments would surely rise to accomodate this. This would have to be checked with your IP, but if you can afford to borrow this could you not be paying more into you iva to your creditors?
I think it would really be frowned upon by your creditors and IP

[flashingblade]

like i said in my last post the payment needs to be the same as im paying out now, or less. So its not an extra expense, it would be incorporated into what i already pay.

just an idea, and i pay a lot more to the £ into my IVA than many other people on this forum, so i think im paying enough.

[MelanieGiles]

Can't see how you will get a repayment mortgage cheaper than an interest only one - but good luck if you can! It is unlikely that your IP will sanction additional borrowings, unless there is a good reason for this - especially if you have agreed to release equity at the end of the IVA.

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]

like i said in my last post the payment needs to be the same as im paying out now, or less. So its not an extra expense, it would be incorporated into what i already pay.

just an idea, and i pay a lot more to the £ into my IVA than many other people on this forum, so i think im paying enough.

thats maybe becouse your DI is more than others..??

Angie xx


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

[flashingblade]

dont people understand what im saying...
mortgage payment + secured loan payment = payment for new mortgage
I dont expect to get a cheaper repayment mortgage

[flashingblade]

yeah and probably less debt

[bagpuss]

everyones IVA is individual to them...no 2 cases are the same.

with the mortgage thing i aint sure but your other creditors (in the IVA) may feel its unfair that the secured debt gets full payment (via the remortgage) and they dont.

Angie xx


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

[Andrew Graveson]

Hi flashingblade,

This could be possible. Some secured loans are at very high interest rates; by consolidating it into a lower rated mortgage there could be scope to move some or all of the debt onto a repayment basis. This would especially be the case where the secured loan is already on a repayment basis.

Everything would have to be put to your IP and I suspect that the kitchen might not be possible but it all depends on the detail of your IVA.

You really need to talk to a mortgage broker who is used to dealing with IVA cases. I'd be delighted to help, as would Welshboy and mikedomain who also post on this site.

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

[mikebdomain]

Hi Flashingblade as Andrew has quiet rightly already stated it may well be possible to combine the secured loan and your mortgage and achieve a lower monthly payment.

You will need to go through a full fact find with a mortgage broker, who will also apply for the redemption figures for your mortgage and the secured loan, they would be able to review all the products that would be available to you.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
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Check out my blog at:
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Please read our Initial Disclosure Document(IDD):
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[MelanieGiles]

As you are already in an IVA, any saved money would go to your creditors by way of increased monthly payments, and if you have an equity release provision at the end of the fifth year, by entering into a repayment mortgage you are just going to create more equity.

Apologies to everyone who has posted here, but I just can't see the logic of this unless I have missed something - and to Bagpuss, the secured loan gets repaid in full in any case so that is of no real matter.

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]

ohh yeah...of course it does...takes me a while but i get there in the end...LOL



Angie xx


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

[Adam Davies]

Hi
I think that it will depend on whether Flashingblade has a fourth year equity release clause[most likely].If so I doubt if any cash in of the equity[even 2k] will be allowed
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

[iva experts]

Hi Flashingblade,

I think the best person to talk to is your I.P, as you are going to need their permission to do any of the above.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/