www.iva.co.uk

I'm on my 5th year of my IVA and I'm due to remortgage my property. My IP contacted someone to value my property and asked me to remortgage my property. I contacted my mortgage provider and asked if I can have additional borrowing but it was declined. I sent the letter to my IP but she still wants me to see a mortgage adviser to check if i can remortgage/secured loan (secured loan is not included in my contract). Can I go to any of the high street bank and book an appointment to remortgage even though I know that it will not be approved? I don't want to see a private advisor cos i need to pay them. Is there any mortgage advisor on the forum to help me make a refusal letter for my IP? please help...

Hi,

You need to speak to another company to see if they will help (which they won't) Don't know if Ryan or Shaun could help with this.

They possibly could confirm that a remortgage is impossible but your IP is being a bit of a stickler. Any searches against you can further damage your credit file just at the end of your IVA so make sure only a 'soft' search is carried out.

I agree - you have shown the IP you can't remortgage. There is probably nothing in your terms to say you have to see your IPs choice of advisor and the secured loan doesn't apply to you.

You could challenge the IP and ask for evidence that their request is in accordance with your terms.

The alternative is to comply and meet with their advisor re the remortgage element only.

Hi,
We got to the same point in our IVA last September (2015) There was never any question of re mortgage as this is more difficult than being a first time buyer.. Aperture merely stopped the payments for 3 months, then wrote and reminded us of the re mortgage clause and that we had the extra 6th year and 12 payments to go. We were prepared for this from the start as I knew from the outset nobody would touch us to re mortgage. Remind your IVA provider how ridiculous their request is!

Also check the valuaiton and equity calculation. If you have standard terms and can show your share is worth less than £5k the clause won't apply to you.