My wife and I have been paying our IVA for 12 months with the August payment.We are paying £400 per month.We have approx 40,000 in equity in the home we have.Could we negotiate a price to finish the IVA if we were to re mortgage?Also with the 40,000 equity I am correct at the end of the term it will be 15% of the equity I pay which would equate to £6,000?Thanks
You would find it very difficult to remortgage while in your iva or even for a few years after. Your IP will be able to advise about your specific equity clause but I would think creditors would want to see more than 15%.
I think it will be impossible for you to remortgage in today's marketplace if you have an IVA on your record. If your IVA is subject to the IVA protocol, you will be required to look at remortgaging up to a maximum of 85% loan to value. Was this explained to you fully by your IP when you first entered into the IVA?
