Posted: Tue Apr 07, 2009 10:25 pm
Hi
This is quite a specific query, but I'm just into the final year of my IVA and have an equity release clause that I'll re-mortgage to raise an 18k lump sum this year. Problem is though that I am in a shared ownership agreement as my flat was bought through an equity loan scheme with a housing association. I don't pay them rent, but they gave me a lump sum as a down payment on my first property, and in return they would recieve a proportion of any equity should I sell. This was factored in to the original agreement - at the time I had 18k equity in my own right in the property so it seemed like a feasible proposal.
I looked into getting an early settelement for the IVA a couple of years ago - before the credit crunch - but found that mortgage companies wouldn't touch it with the shared ownership as well as dodgy credit history. I'm convinced that I'm not going to be able to find anyone that'll let me remortgage. Does anyone know whether there are companies that will do loans to IVA holders as an alternative to re-mortgage?
My IP did suggest that I could make payments for a further 12 months after the initial 60, but didn't say what happens after that - do you then have to raise the remainder of your equity through loan/remortgage?
Any advice would be fab as I can feel the old anxiety coming back.
I've just found this forum - it is SO wonderful to be able to see such good advice and to get & give support to others in the same boat. I have told no-one about my IVA - for 4 years now only me & my IP know. I was just so embarressed to have got so out of my depth with money. Glad I've found this forum now.[:)]
This is quite a specific query, but I'm just into the final year of my IVA and have an equity release clause that I'll re-mortgage to raise an 18k lump sum this year. Problem is though that I am in a shared ownership agreement as my flat was bought through an equity loan scheme with a housing association. I don't pay them rent, but they gave me a lump sum as a down payment on my first property, and in return they would recieve a proportion of any equity should I sell. This was factored in to the original agreement - at the time I had 18k equity in my own right in the property so it seemed like a feasible proposal.
I looked into getting an early settelement for the IVA a couple of years ago - before the credit crunch - but found that mortgage companies wouldn't touch it with the shared ownership as well as dodgy credit history. I'm convinced that I'm not going to be able to find anyone that'll let me remortgage. Does anyone know whether there are companies that will do loans to IVA holders as an alternative to re-mortgage?
My IP did suggest that I could make payments for a further 12 months after the initial 60, but didn't say what happens after that - do you then have to raise the remainder of your equity through loan/remortgage?
Any advice would be fab as I can feel the old anxiety coming back.
I've just found this forum - it is SO wonderful to be able to see such good advice and to get & give support to others in the same boat. I have told no-one about my IVA - for 4 years now only me & my IP know. I was just so embarressed to have got so out of my depth with money. Glad I've found this forum now.[:)]