there was a mention of remortaging after 4 years if there is enough equity in my house to clear the remaining debt in the IVA but would i get a remortgage after 4 years in the IVA?
At the moment there is no chance of you getting a remortgage and, if the terms state, you are likely to get a 12 month extension to the IVA (assuming there is equity to address).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am 2 months from completion, I have the same clause but after providing two evaluations (one from an estate agent and one from Zoopla - free online website evaluation), a mortgage redemption letter, two refusals of re-mortgage, my IP advised that they will be no extension to my repayment.
I understand an extension only applies if your property has a sizeable equity (mine had about 25%) and you refuse to re-mortgage. Talk to your IP and ask them for the documentation that they need.
The extension usually gets triggered if there is more than £5k equity and if unable ( not refuse -- that would be a fail) to remortgage ( as all are these days).
However, some arrangements have been drafted differently, so all depends upon what your own paperwork says.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
