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Posted: Tue Nov 13, 2007 3:11 pm
by shirlthegirl
will an iva stop me from remortgaging in the future?
Posted: Tue Nov 13, 2007 3:17 pm
by JulianSampson
not necessarily but you would need consent from your Supervisor. Indeed the remortgage may be an integral part of your arrangement.
I am sure one of the brokers on this site can give you more advice
Julian Sampson
Solicitor
Wright & Wright LLP
www.wrightandwright.com
See my article in Clean Slate magazine
Posted: Tue Nov 13, 2007 3:30 pm
by sonyse2t5
If you have a share ownership property, there are sometimes conditions of what you can Remortgage for.
Posted: Tue Nov 13, 2007 3:38 pm
by iva experts
Welcome to the Forum shirlthegirl,
An IVA will remain on your credit file for a period of 6 years from its commencement. If you were to re-mortgage whilst in the IVA you will need to keep your I.P in the loop as you may not get a better rate which will cause you to pay more, this could be a problem as there may not be any room in your monthly expenditure to accomodate this.
Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Posted: Tue Nov 13, 2007 8:28 pm
by mikebdomain
Hi shirlthegirl and welcome to the forum
There is nothing to stop you remortgaging during your IVA with your IP / creditors permission and as long as your IVA has been run satisfactorily.
After your IVA you can remortgage, but your rate will still be slightly loaded. The rate you can achieve will improve the longer your IVA has been satisfied.
If you feel you may need to remortgage during your IVA, because of the end of a fixed rate, it would be prudent to point this out to your IP when arranging the IVA.
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