Hi there. I'm currently 18 months into my IVA. Everything debt wise in IVA is in my name.Our mortgage is with what was Northern Rock and we have a secured loan also with Webb Solutions. We are currently on a variable 4.54% with N /ROCK. We owe £162,00 on that and 25k on secured loan. Value of property approx £245K. IVA payments £202. my question is please, are we better sticking with our rate with N/ROCK and an IVA or is there a lender out there for us that could free up the equity to pay a full and final payment to IVA and still have an affordable mortgage with a deposit? I'm sure it's not that simple though. Hope that makes sense? Kind regards - Lee
Hi. Shaun Vickery, a whole of market broker, regularly helps borrowers with this sort of scenario. Of course the outcome will depend upon many things, but a chat costs nothing.
You can find his details under the "Ask a Question" tab (top left) and scrolling down to the experts details section.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It is possible that you could get a secured loan to remove the second charge and also raise enough for a full and final. A remortgage would be attractive for you but almost impossible to get at this time.
Speak to Shaun Vickery from Select about the secured loan option and if the rate is better and you get out of your IVA it could be worth it and hopefully you can then remortgage the lot down the High St some time in the future.
Hi Leedr85,
In short - no.
I can get you a mortgage if you are in an IVA to a maximum LTV of 65% and the rate would be higher than NR so obviously not worth doing.
You can raise funds from another 2nd charge lender to clear Webb Solutions and the IVA but the maximum the lenders lend to is 70% of your property's value - sorry.
Regards
Steve
