equity release in 4th year

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angela18

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Post by angela18 » Tue Apr 15, 2008 9:04 pm
We have our creditors meeting soon.

I was just wondering what would happen in the 4th year if we went to remortgage to get equity release, and the lenders refused to do so. Would this be a problem? and could IVA fail re this?

Just reading some posts where people are struggling to get mortgages etc..
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

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chris.g

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Post by chris.g » Tue Apr 15, 2008 9:09 pm
Ang, there was a posting earlier today about equity release. From reading it, I gather it's more the trying to raise equity that's important. If you can't get a re-mortgage and/or there is no equity in the property because of house prices there's not alot you can do. One of the experts may correct me if I'm wrong, I'll try to find the link for you,
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angela18

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Post by angela18 » Tue Apr 15, 2008 9:10 pm
cheers chris, never saw that one will look
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
 
 

angela18

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Post by angela18 » Tue Apr 15, 2008 9:13 pm
think i found it in equity/remortgaging but no replies. Melanie must be having a well earned break tonight..
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
 
 

chris.g

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Post by chris.g » Tue Apr 15, 2008 9:14 pm
As a consolation, it is far harder to find mortgage funding now that this time last year, so you could find that this has worked to your advantage after all as, so long as you demonstrate you have made best efforts to secure funding you may not have to raise anything.
this was from Melanie, here's the full link
http://www.iva.co.uk/forum/topic.asp?wh ... 1104#82562
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chris.g

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Post by chris.g » Tue Apr 15, 2008 9:15 pm
or she's working late....lol
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angela18

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Post by angela18 » Tue Apr 15, 2008 9:17 pm
probably the latter.

just read that link, thanks for that
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
 
 

Adam Davies

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Post by Adam Davies » Tue Apr 15, 2008 9:23 pm
Hi
Your IVA will not fail if you are unable to remortgage in year 4 due to affordability or if you do not meet the criterea for the mortgage
Regards
Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Tue Apr 15, 2008 9:43 pm
Angela - this is clearly detailed in your proposal if you read the "Dwelling House" section. If you cannot raise the money then the IVA concludes as a matter of course.
Regards, Melanie Giles, Insolvency Practitioner
 
 

chris.g

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Post by chris.g » Tue Apr 15, 2008 9:45 pm
There you go Ang, your question answered,
xx
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angela18

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Post by angela18 » Wed Apr 16, 2008 6:58 am
thanks everybody, for that. I have read it melanie.. i think it was so much to take in. I've read it again also..[:I] i think sometimes when you worry you can't see the wood for the trees..
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
 
 

dezbroatch

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Post by dezbroatch » Mon Apr 20, 2009 9:50 am
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