If I have to remortgage my house in the 5th year how much would it be if I am paying 70£ a month would it be 50% of the monthly payment or would it be the rest of the debt to the creditors ?
Your repayment seems to be very low - which company are you with?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You usually have to release 85% of the equity -- but there are caps which limit repayments ( which will, in turn limit the remortgage amount). These are detailed in your arrangement paperwork.
However, as Kallis says, you won't be able to remortgage anyway and will probably get a 12 month extension if there is any equity to speak of.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
