Re mortgaging

[kieser]

Hi everyone,its been a while.My apologies for probably not being able to find a post regarding this issue but i have looked,im coming into my 4th year in my iva & my terms state i have to remortgage in the 4th year to pay off the lump sum.Im starting to worry now as i have no idea how to go about remortgaging & worried that i wont be able to raise the amount needed to pay my iva,any suggestions where to go 1st would be much appreciated.Many thanks

[Michael Peoples]

Speak to your IP for confirmation but you should get an up to date valuation and mortgage redemption figure to quantify the equity currently in the property. If there is equity and you cannot raise it the likelihood is your IVA may be extended by twelve months. If there is no equity the IVA may actually cease after 60 months. However, your IVA may have stipulated a minimum dividend so your IP only can explain how your individual proposal is affected.

[kieser]

Thanks for the replies,ive had my mortgage for 7yrs,we borrowed £75,000 for mortgage & £20,000 secured loan on it.recent survey done on house suggest approx value £125,000.my iva lump sum to be paid is £34,000.
My worries are even though im in full time employment of approx £17,000 my partners business is struggling severely in todays climate & she is at the moment seeking full time employment,current business salary is about £14,000 & i dont know if we will find anyone to remortgage with our current situation.

[Welsh Boy]

kieser

If your property is worth £125,000 and you have £95,000 secured against it you are going to have a lot of difficulty capital raising in the current marketplace. Tony

[kieser]

Any suggestions Tony?

[Welsh Boy]

kieser

Speak to your IP first and then contact your existing lender.

Explain to them you need to capital raise to clear your iva and how important it is to be able to do so. By working with you they would be making things more affordable for you and surely that has to be in their interest. Best of luck.Tony