I am so confused by equity remortgages, I don't know where to start

[Avril.m]

I am almost 5 years into my IVA. I am 65 ,my IVA is in my name and not my husbands and my income is solely my state pension. There is equity in our house but I can not imagine any lender being willing to remortgage on my £6800 a year and for an amount of £146000. The terms of my IVA state that I have to get a letter of refusal for a remortgage (on line permitted)but I don't know where to start. Also it states that the re-mortgage term will not extend beyond the later of my retirement or existing mortgage term.Another condition is that the monthly mortgage payment can not exceed more than 50% of the amount of my monthly IVA payment which is £418.How do I go about proving I can not get a remortgage .I am so confused by all this .I have the option of the extra 12 month payments.It also states in my agreement that the re-mortgage term will not extend beyond the later of my retirement or existing mortgage term(due to end in 18 months time)

[kallis3]

Hi and welcome,

You won't be able to remortgage - speak to your current lender to get a letter (or email) of rejection and possibly one other company.

Get your house valued firstly - when are you due to retire?

You might have to carry on for a further 12 months but do speak to your IP company and ask them to explain things to you.

[Lisa Thomas]

Hi

I know its all a little confusing.

As Kallis says above once you show to your IP that you are not able to remortgage then the 12 month extension will apply to you instead.

You will pay 12 more contributions at your current rate then you will be finished and the equity will be yours to do what you like with.

Please note this only usually applies if your interest in the property is worth more than £5k.

If you can show that it doesn't with your own valuations then the clause will not kick in at all and the exetenion will not be necessary.