HI HOW LIKELY IS ME BEING ABLE TO REMORTGAGE MY HOUSE WHEN MY HOUSE IS WORTH 16000O AND OUTSTANDING BALANCE IS 100000 MY INCOME IS 15000 A YEAR I AM A SELF EMPLOYED PLS CAN ANYONE ANSWER ???
There specialist people on this board that are likely to comment but given your income level and the fact you are self employed it would be unlikely purely based on changes to how mortgages are obtained.
If there is an equity clause in your IVA and is being reviewed at month 54 you may be required to pay another 12 months at 50% of your current rate.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hard to give a definitive answer but most IVA's will want you to release any equity above 85% loan to value so in your case 136k less your outstanding mortgage of 100k would leave a possible equity release of 36k. However many factors will prevent this including a lender willing to lend, affordability on your part etc etc
You may be asked to take a secured loan instead of a remortgage so fully explore all options before deciding on the IVA
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lifenoteasy
There specialist people on this board that are likely to comment but given your income level and the fact you are self employed it would be unlikely purely based on changes to how mortgages are obtained.
If there is an equity clause in your IVA and is being reviewed at month 54 you may be required to pay another 12 months at 50% of your current rate.
If you get an extension it will be 12 months at the current rate, not 50%.
The reference to 50% is the limit on the amount of a remortgage repayment, should you get remortgaged ( which, as alluded to, is nigh on impossible at the moment).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
