www.iva.co.uk

I am in the 4th year of an IVA and as part of the agreement I have to release equity in my house.

What mortgage providers have people used in the past?

Is there a set procedure that needs to be followed?

I have contacted my IP and they have said that they don't get involved/offer advice as its down to me to sort.

I presume it's not worth trying any of the high street lenders (I bank with the Nationwide).

Any help would be gratefully received

Hi and welcome to the forum, I'm not at the same stage as you just yet but there has been much discussion in recent months about equity release. I think you will need to approach 2 or 3 providers but unfortunately I think they will all say no and I would personally contact your own mortgage provider as part of this. It's almost impossible at the minute to re-mortgage and when you get declined you will need to send these to your IP and more often than not a 12 month extension in lieu of equity will be granted.

I think the first stage ( and this depends on the wording of your proposal ) is to see if there is any equity to address in any event. If you are in negative equity, or there is less than £5k available the property might be exempted from your agreement.

Does your proposal make reference to releasing a specific sum, or just "equity" ?

Thanks for the replies

The IVA mentioned a specific amount that should be released from the house.

The agreement also states that if no equity if freed then the IVA could be extended by a year so I am expecting that.

The house is worth more than what is left on the mortgage - more than the IVA requested although I suspect that any freed equity will have to go the IVA.

Are there any specific mortgage companies I should be contacting?

Thanks again

I believe that it is your choice who to contact.

A years extension, though a pain, generally works out financially better for you, in the long run (dependant, of course, on the level of repayments).

It is up to you who you approach, there is a fair chance that they will all say no in any event.

There are some mortgage brokers who will provide all of the paperwork you need for a small fee, which should be borne by the IVA as it is the IVA which requires you to obtain such paperwork. I can provide some contact details for some if this would help - and your own IP must have links to mortgage brokers, as they probably refer him/her work.

I'm trying to understand this clause. i still jointly own the marital home with my ex partner who lives there with my daughter.

i am just preparing my iva and wanted to know what would happen if she refuses to remortgage. would i be able to remortgage on my own.

thanks

The last post on this was 5 years ago which has seen significant changes since then.

It would be unlikely you could remortgage but I would suggest you also need to work out what is needed to protect your daughter and how the IP regards the house.

Ask your IP the questions suggested on your other thread before signing up -- it is VITAL that you understand this clause and the way your IP will apply it.

If you ex decides not to co-operate you could explain to her that another option is going bankrupt where the house will be taken regardless of consent. Obviously this is a scenario you don't wish to see, but the illustration might make her think about trying to help rather than hinder your getting clear of debt.