www.iva.co.uk

Im into my third year of my IVA. This is after a sudden unexpected death of my wife. I don't earn a great wage, and just get by paying bills and food. Im mortgaged with a equity of about 30k. My life as now turned around after meeting my partner, and expecting a baby in the October this year. My question is remortgage my property is going to put a huge financial strain on me and my new family. Plus I will not be able to get a mortgage over 20years as I will retire in 15. Is there help for me.

It's doubtful you would be able to remortgage as credit rating will be shot! Normally iva proposals state an extra 12 months payments in lieu of any equity but you need to check what yours says.

Hi and welcome to the forum. Congratulations on the forthcoming birth of a new baby.

Remortgaging is nigh on impossible if not totally impossible in an IVA, therefore do talk to your IP about how they will deal with the equity clause. It could be extra monthly payments in lieu of this.

Hi and Thankyou for replying to my post. I will re literature my IVA paperwork concerning the remortgage. Remortgage will be 85% max loan to value.
Incremental cost of remortgage will not exceed 50% of my monthly contribution.
The net released wil not exceed 100% of the remaining outstanding debt, the remortgage don't extended beyond the later of the debtors state retirement age or the existing mortgage term, and the amount of money introduced into the arrangement will be the mortgage proceeds less the cost of the remortgage, including any costs to redeem exciting mortgage or loan secured, the incremental monthly mortgage payment will be deducted from my monthly iva contribution. If the increased cost of the mortgage means that the monthly contribution falls below £50 per month such monthly contributions will be stopped and the iva will be concluded.
It goes on to say.
If I fail to obtain a remortgage, for any reason. Alternative proposals are.
A third party sum equivalent to 85% of the value of my interest in the property or upto 12 additional monthly payments with the aggregate sum paid to the supervisor being limited to 85% of my interest in the property. This isn't a requirement for me to sell my property.
Just to work out figures I will prob owe 78k on my mortgage it will run 2 months passed my state retirement age. I have only 17 working years left with a child coming October this year. I don't have much after paying bills food etc any increase to my bills per month wil be devastating to my new family what do you all think might happen? If I missed things out please ask I will answer.

Is anybody able to answer my question? [:D]

As trhe others have said it is highly unlikely that you would qualify for a remortgage irrespective of how much equity is in the property. This may change between now and month 54 but probably not and the result will be that your IVA will be extended by twelve months and the property excluded.

If you wanted to try and close the IVA early you could offer a settlement by way of a secured loan for example but this is not a requirement of your IVA so a six year arrangement will likely be the outcome.