Re-Mortgage

[Paradise Lost]

Does any body know of any companies that can be approached with respect to re-mortgaging? I have maybe 15% equity at present and would at least like to re-mortgage even for a small amount to satisfy the conditions of the IVA.

Thanks

PL

[Julie]

Hi,

Contact Andrew Graveson ( you'll find his details under the experts link on the left). He will be able to advise you on the mortgage front.

Good luck xx

[Paradise Lost]

Unfortunately Andrew Graveson no longer does mortgages, but he put me in contact with Mark Thompson of Spire Mortgages who was very helpful, but could not help in the current market conditions.

[Shining]

I think a lot of us are going to be up against this problem so will be helpful to know if anyone knows of a mortgage advisor who can help?

[Julie]

Thats a shame PL....I agree Lesley, be plenty of posters needing help in this department.

[Andrew Graveson]

Hello,

As Paradise Lost mentions I have withdrawn from mortgage broking at this time.

Like many other brokers, it simply became too depressing informing people that the mortgage products that would meet their needs are in many cases no longer offered by mortgage lenders.

In my opinion there is a major opportunity for a forward-thinking mortgage lender to step into the IVA market. A person who has faithfully paid their mortgage on time every month, who has succesfully lived on a restricted budget without access to credit for a number of years, and who is not burdened with unsecured debts, seems like a pretty good lending prospect to me.

[Julie]

Hopefully some lenders will see the light soon Andrew.

If you hear of any brokers who maybe able to help posters, can you let us know?

Thanks

[Andrew Graveson]

It's not so much a case that there are no brokers out there Julie, just that mortgage lenders in general aren't making many suitable products available for brokers to offer to their clients.

As mentioned previously on this post Mark Thompson of Spire Mortgages is very experienced in this part of the mortgage market and will have a very good grasp of current product availability.

[Paradise Lost]

As an update, we have now written to our IP and asked that the 12 month extension is not put in place on the basis that we cannot re-mortgage and there is only 12% equity in the property anyway due to the fall in house prices. Fortunately we will still meet the minimum dividend as the we were not reliant on the re-mortgage to do this and we have increased our payments over the course of the IVA, which we hope will be seen as an advantage.
I will let you know how it goes.

PL