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Posted: Mon Aug 02, 2010 2:50 pm
by xopo99
Are there any companies at all who are lending to those of us with IVA at the moment?
I am desperate to get a remortgage as there is 50% equity on my property at the moment, and I really want to conlude my IVA. My fifth year is about to start.
Posted: Mon Aug 02, 2010 3:05 pm
by kallis3
I don't know of any at all, so I think you might be struggling.
Posted: Mon Aug 02, 2010 10:09 pm
by MelanieGiles
There is one company who will go as far as 50% loan to value and the interest rate is around 9%. So personally I don't think this is likely to help you.
How much is your house currently worth, and how much is your outstanding mortgage?
Posted: Mon Aug 09, 2010 5:07 pm
by xopo99
Melanie, it would actually be of help, as I have got 40%LTV on my house, if you could pass on the details I would be very grateful!
Posted: Mon Aug 09, 2010 5:22 pm
by xopo99
It was valued last week at £145,000 and there is £65,000 remaining on the mortgage. It takes £660 in rent per month which more than covers any mortgage. My IVA company are less than helpful in pointing me in the right direction
Posted: Mon Aug 09, 2010 5:33 pm
by Andrew Graveson
Hi xopo99,
Is it a "buy-to-let" mortgage that you need?
I suspect Melanie may be refering to a mortgage for residential borrowers.
Posted: Tue Aug 10, 2010 1:27 am
by MelanieGiles
Yes - I had assumed this to be the case. I doubt whether you would get any form of remortgage on an investment property, but no harm in trying.
Posted: Tue Aug 10, 2010 9:07 am
by xopo99
Can you tell me the name of the company please?