Hi were in our 6th month of our interlocking iva's this is a question regarding equity release when we bought our house we had it using the homebuy scheme back in 2010 would I be allowed to remortgage to release equity without paying into that first really don't know where I Stand on this
I would imagine the assistance provided by the scheme has the second charge on the property, so would count as secured lending and not form part of the equity. Schemes over the years differ, in the early years the obligation to repay reduced on a sliding timescale --- is that the case now ? If so, in another 4 years things could be different.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think it best that advice on this is given by an expert as the conditions of receipt will differ under each scheme and without knowing all of the fine detail we could advise wrongly ....
You may want to talk to one of the expert mortgage forum members Ryan or Shaun for more specific advice
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