www.iva.co.uk

hi just wondered what happens if the mortgage lenders wont release the eqiuty at the end of the 5 yrs cause they know youre on a iva

Hi beau and welcome to the forum

There will always be mortgage companies operating in the sub-prime market place, so if your existing lender will not fund the advance required, a broker specialising in this area ought to be able to find a suitable deal for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi beau

It is always a good idea to approach your existing lender first and see what deal they will offer you, but AFTER doing so, and if they refuse to release the equity (unlikely) talk to a mortgage broker who is able to offer full advice on a reasonably sized lender panel after you have completed a full fact find with them

At best your will find another product with another lender and be able to remortgage, release equity AND be on a lower rate. At worst your rate will increase, but you can still release the equity for your IVA.



FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

Beau

Mortgage lenders willingly accept business from those in Iva`s as long as the Iva is "conducted satisfactorily". You would also be suprised at the competetive rates they offer on these schemes. I think the key fundamental in the future bearing in mind what`s happened in America and the knock on effect here for brokers,packagers etc. will be loan to value, I see lenders starting to be a bit jittery on the high loan to value business.

I concur Welsh_boy, it’s all up in the air at the moment, but I feel the lenders, products and criteria will all settle down soon.

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

Mike

Let`s hope so for all concerned.