Ah! the penny drops

I understand now, when you remortgage you only have to have 85% of teh value - i thought is was 100% Mortgage, allowing the IVA to have 100% of the equity,



Makes sence , thank you

Hopefully this will sort things out !

Hi The equity release is part of our IVA. This is stated as 100%, we have to gain two mortgage offers, and they choose the one that offers the most for them. What would they expect for this. House has been valued at £119,000 Present mortgage is £88,000 How did you get the 85% of your house value? Ch...

Hi Mel, Property has been included, they seem to think that this is 95% of the equity, Ok, the house is worth £120k, we have present mortgage of £88k, does this mean that they can take 95% of the equity, leaving us nothing for a depostit on new house etc, I have looked through all of the paper work ...

Melanie, Sorry one more question, When you complete, does it take 1 year for your name to be removed( do you have to contact the relevant parties to make this happen) and can you then apply for a "normal" mortgage, rather than prime. How long until you can gain credit again, not as though we really ...

Melanie, Thanks for your quick response, and the advice, you can feel a little isolated at times, Ok will speak to them on the first point and will discuss second, At our last 6mth review FJ made a verbal suggestion that we could maybe complete in year 3, at the time i thought, that would be nice, a...

Hi all, new on here, Started IVA 4th Oct 2005, through Freeman Jones who have been great to be honest. Started off paying £525 permonth, but we are paying £305 now We have gone through a variation due to baby, but at present we are working hard to get our outgoings down, reduce bills etc to offer us...