www.iva.co.uk

what are the chances of getting a remortgage whilst in an iva, also i will be 55 then would my age go against me.

On a scale of one to ten - I would say minus 5. However it does depend on actual circumstances and loan to value ratios. It may be worth your while contacting Ryan who is a mortgage broker and one of the forum experts.

Pretty unlikely. A whole of market broker would be the best bet.

Paul

can i just say thanks to everyone for their help and support ,which has enabled me to understand an iva better i am so grateful.

Glad to hear it Legs and hope you stay around on here. I'm not sure whether you are in an IVA yet or not but let us know if anything else we can help with along the way!

Hi Legs,
Whilst in the IVA it is very unlikely you will be able to remortgage, but this does depend on a number of factors.
Why do you need to remortgage?

I am in the same boat, Legs. Same age, too. Having to get a valuation now and really hoping no one will give me a remortgage. I am comforted by what I read on here, but dread it actually happening. I'd go for the extra 12 months of full payments over maybe 10 years of half. I hate dealing with other people over money matters, and I am also dreading having to speak to people about getting this remortgage.

let me know how you get on Tony.

Hi Legs and Tony,

If you wanted to get in touch, i am sure i can provide you with an email or something to advise you are not able to obtain remortgage finance whilst still in an IVA.
This should hopefully satisfy your IP guys.

Ryan

Many thanks for the offer - that's very kind of you. I am sending my documents off tomorrow and the next stage is for them to instruct me on how I am to proceed - I guess they tell me now how much of a loan I will need to complete the IVA. They tell me I have to obtain 2 quotes from reputable brokers/lenders - though 'reputable' is a bit of a vague term.

Oh, just to add...this features as part of my IVA agreement:

Where the debtor is unable to obtain a re-mortgage, the IVA should instead be extended by up to 12 months. The amount by which the additional secured borrowings increase shall not exceed 50% of the monthly Arrangement contribution at the time the mortgage offer is obtained. Should the debtor be unable to realise his equity in the above manner, the Supervisor must convene a general meeting of creditors to consider the debtors proposed alternative.

Now, I am confused by this. On the one hand it states that 'Where the debtor is unable to obtain a re-mortgage, the IVA should instead be extended by up to 12 months.' But in the same paragraph it also states 'Should the debtor be unable to realise his equity in the above manner, the Supervisor must convene a general meeting of creditors to consider the debtors proposed alternative.' This appears contradictory, because I am not suggesting an alternative, the extra 12 months is already written in. Is this standard phrasing?

Cheers.

I used my current mortgage company plus the company I did my secured loan through and this was accepted by my iva company.

I am reluctant to involve my current mortgage providers because thus far they have been excluded from all aspects of the IVA - I also wondered if they would be more likely to agree?

They will know of your iva as once its been approved the ip informs them so it won't make any difference if you ask them or not.

Read it like this. Written slightly differently in our language not lawyer language.....

Your proposal has made 2 statements.

1. You intend to release equity via remortgage but
2. In the event of '1' to fail you will pay upto 12 more monthly payments.

So when '1' fails your IP convenes a meeting to say that the alternative proposal accepted at the start of your IVA should be accepted.

Think I have got that about right.