We are coming to the end of a Fixed deal, and looking at figures we are at about 85% LTV.
We're currently part interest only part Repayment (more IO than Repayment). On a new 5 year fixed we could go 90% repayment - and keep the same monthly payments.
Question is, is it worth doing, as at the end of the 5 years IVA we would have to remortgage/release equity if <85% LTV... which it more than likely will be... losing our equity...
I'd rather pay another year into the IVA than 'lose' our equity. Would this be an option?
Does ^ make sense?? trying to write down my thoughts!
Hi, I'm not sure the chances of being able to remortgage are high due to being in an IVA and as previously known on the forum an extension of the IVA in lieu of equity is often seen.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If you can get a new product with your esisting lender at the same cost I do not see your IP having a problem. This may increase the level of equity and lead to an extension but this will depend on the level of equity in a few years time. Personally I would seriously consider taking the deal but have a word with your own IP to guage their views.
