4th year review

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nige3

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Post by nige3 » Mon Sep 09, 2013 5:27 pm
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Hi all i am new to this site only just found it after 4 years. Wish i had found it before. I have just had my review back every thing stays as it is but now i am approaching my 54 month as stated in the letter i have to get 2 valuations done on the house no problem they .BUT have to supple a letter of a remortgage offer[:(] this is the problems as know one will look at me
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Foggy

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Post by Foggy » Mon Sep 09, 2013 5:36 pm
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Hi Nige. Have a good look at your equity clause to see exactly what was agreed. Hopefully it will be fully protocol compliant and will basically say that you need to get 2 valuations and a mortgage redemption statement to calculate the equity. If the equity is under £5k there should be no more to do. If over £5k you will then have to ATTEMPT to remortgage -- which, more often than not will be impossible, in which case a 12 month extension in invoked to compensate.

Check your paperwork -- then one step at a time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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nige3

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Post by nige3 » Mon Sep 09, 2013 6:12 pm
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hi foggy it does state that on the letter and a letter or offer of remortgage i will just get the valuations done and c thanks
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back on track

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Post by back on track » Mon Sep 09, 2013 6:28 pm
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you can only get a offer of mortgage letter if you have any actual equity after you have done the 85%ltv and the £5000 de-minus clauses.odds are you will be ok.
cc received 6th January 2014 now upwards and onwards
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Garyd0559

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Post by Garyd0559 » Sun Sep 21, 2014 10:04 pm
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hi nige 3
I have only 3 more payments to go. I got a valuation done on property and then went to the Halifax online to apply for a remorg,knowing that I wouldn't get, I was right they turned me down flat I just copied that and sent in to my ip they were good about it. but check the wording in your amendments at first I nearly had to do a extra year on the iva. there is a grey area in how the equity is looked at but thanks to foggy and Michael peoples there help was good many thanks guys. Fingers crossed for you
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