Hi to all. Now is the time to remortgage or add another 12 months. House valuation £155,000.00, equity £85,000.00. The house mortgage is in my wife's name too. And 11 years left on the mortgage with a contract that interest rate will never be more than 1% of the bank of England rate, therefore 1.25% at the moment. My IVA currently payment is around £320 monthly. My questions for the experts are: Will we be able or be accepted for remortgage? if yes,then I will never obtain the rate we have now.
You may qualify for a remortgage but I understand why you would not want to lose this rate. Have a word with Shaun Vickery from Select who posts here as perhaps a secured loan would be an option. You keep your existing mortgage and borrow at a level of half your IVA payments.
Most applications for a remortgage are currently being rejected out of hand, but the market is ever changing. In your shoes I would get some rejections and go for the 12 month extension, but it is always worth having a word wioth Shaun as I know he has access to products tailored for this situation, but you aren't usually compelled to take them under most pre- 2014 terms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014