My husband is being told he has to apply for a remortgage to clear the last year. Is this illegal ?

[Bob.66]

my husband is in an iva has paid 4 years is now being told he has to apply for a remorgage to clear the last year is this illegal for them to ask and him to apply for

[lifenoteasy]

It's part of the process of the iva.

Not likely anyone will accept him and if equity may need to extend for another 12 months.

If you are on the mortgage you need to understand your position.

[Foggy]

This is as was agreed in his original agreement and is a standard requirement -- have a look at the paperwork, where it will all be laid out.

He will be refused a remortgage as things stand and will probably have to pay an extra 12 months instead.

All will depend upon the equity available -- again this is in his paperwork.

[Lisa Thomas]

No - its the usual terms - check his proposals and modification paperwork.

On the assumption he wont be able to remortgage the standard alternative is a 12 month extension of payments.