Can I remortgage?

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I Am Potless

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Post by I Am Potless » Mon Aug 11, 2008 10:22 pm
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Do the below amounts add up to a possible remortgage and early settlement.
I have been paying my IVA since October 2005 (35 months).
Original dept £42,639
IVA states - Total anticipated receipts £22,680 (including fees).
Amount paid to date - £11,426
Monthly payment - £497
Estimated possible equity (based on 85%) - £20,000
Anyone got any advise or experience with a simular situation?
I know I will have to ask my IP but I would like to have some idea before I down that path.

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MelanieGiles

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Post by MelanieGiles » Mon Aug 11, 2008 10:42 pm
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I think you might struggle to raise finance at 85% loan to value at the moment - have you had any quotes from mortgage brokers yet? And is the £20k you refer to above already included in your IVA?
Regards, Melanie Giles, Insolvency Practitioner
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I Am Potless

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Post by I Am Potless » Mon Aug 11, 2008 10:50 pm
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The £20,000 is not included in the IVA.
I have not approached anyone yet.
Our mortgage is £66,000 and the value of the house (for IVA purposes)3 years back was valued at £85,000.
I know that house prices have dropped and I am only guessing that its value currently is still about £85,000.
Hope this helps?

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MelanieGiles

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Post by MelanieGiles » Tue Aug 12, 2008 1:25 am
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I don't think that you have much scope there to raise monies via a remortgage - but it could be worth a try just to see what is available.
Regards, Melanie Giles, Insolvency Practitioner
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