Hi I'm in my fifth year and have been asked to try and remortgage and then it'll obviously be declined and so my iva will carry on to 6 yrs instead. My query is I've tried applying online but as my ltv is 85% or something - mortgage is 60k I need to borrow 20k and house value £90k - I only own 50% of house - then I've had the reply back to go and see someone in a branch. So do I actually need to go and see a mortgage broker you think in a bank somewhere with all my papers etc and try and go through the process just to get my decline letter? Thanks for advice pepes
Hi Haze some IPs will ask for different proof that you have been unsuccessful in applying for a mortgage. Some will accept an online print out. Others may want more. See what the other experts say on here but as long as you can get something in writing I would think this should satisfy your Supervisor and if it doesn't they will tell you what they require. Or you could just ask them... Take care as I believe repeated requests for new mortgage applications will damage your credit rating further (someone will correct me if I am wrong here)
We had a normal mortgage and a secured loan on our house and both companies were happy to supply us with a refusal in writing.
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As Lisa says, individual IP's can have slightly different requirements. What have you actually been asked to supply? Purely based on the figures you advise though, it may actually be possible for you to release equity.
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