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Posted: Sat Jan 26, 2008 5:06 pm
by rickyg33
how does this work?
if you are up to your lending limit as regards multiples of earnings [3 times or 4 times salary] how can equity be released?
rickyg
Posted: Sat Jan 26, 2008 5:20 pm
by Adam Davies
Hi
It can't
As long as you can show your IP that you have made several effors to obtain a remortgage you have complied with your IVA and it should be concluded at the end of the five years because you are unable to remortgage due to affordability issues
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Sat Jan 26, 2008 5:52 pm
by carlmcmullen
You need to demonstrate to your creditors that you are unable to achive the re-mortgage.
They normally ask that you approach 3 differnt lenders to satisfy this and if you cant then you cant.
Was it proposed in your Proposal to introduce equity?
Posted: Sat Jan 26, 2008 5:56 pm
by rickyg33
nothing's been proposed as yet......I'm trying to weigh up how the IVA works before diving in
Posted: Sat Jan 26, 2008 10:00 pm
by Andrew Graveson
Hi rickyg,
A lot of mortgage lenders are more interested in whether a mortgage is affordable for you rather than specific income multiples.
Posted: Sat Jan 26, 2008 11:11 pm
by carlmcmullen
How much equity is there in the property ?