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skol
- Posts: 1
- Joined: Wed Oct 30, 2013 9:00 pm
- Location: United Kingdom
Hi, I am three and half years into an iva, currently paying £475 per month, total iva value of £90000.I have a joint mortgage and in year 4 will have to release my share of equity, the mortgage has £30000 left to pay and six years to run and I have to release £50000,the mortgage payment is currently £380 pounds per month.I my iva states that firstly I have to secure an increased mortgage (whats the likley hood with my bad credit)secondly the mortgage payment can not be more than my half my iva payment on top of my current mortgage payment £380 +£237.50 =£617.50 .If I can find a company to give me a mortgage does the term have to be the same as the exsisting 6 years or will I be expected to take it out for a longer term to bring the monthly payments under the £617.50, thankyou in advance
skol
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esgt1967
- Posts: 215
- Joined: Mon Oct 15, 2012 11:33 am
- Location: United Kingdom
In my IVA it says the remortgage shouldn't extend beyond the term of the existing mortgage or State Retirement Age, whichever is the later. Therefore, if the 6 year term remaining doesn't take you to your State Retirement Age, then it can be extended to your SRA and this will bring the cost down. It is unlikely that you will be able to get a remortgage but a secured loan may well be available and there have been plenty of posts on this issue.
