Hi Ime in a IVA and have 12 mth to go i have recently had a letter saying based on information there are funds to release 85 per cent and Ime now required to contact a mortgage broker with all sub prime lenders to see if I can re mortgage , Ime currently in a fixed rate mortgage that dosnt end until Nxt November 2020 is this possible?
It might be possible -- things are always changing.But, remember, assuming that you have the usual clauses the payment cannot be increased by more than half your IVA payment, so that will limit the amount you could borrow, and at sub-prime rates, might not even be workable.
I would have a word with Ryan and / or Shaun who are both brokers with experience of adverse credit and also understand IVA's. Their details can be found by clicking on 'The Team' under the 'Quick Links' button at the top.
If they cannot find a lender they will tell your IP --- then you will get the 12 month extension instead.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
I'd be interested to know who your IP is but, as you probably know, this is something which was agreed at the time you proposed the IVA to your creditors. As Foggy says, there are clauses within your IVA which can be used to limit the amount you need to raise and of course it has to be affordable to you. If you are concerned about losing the fixed rate there may be other alternatives but these are all things that a competent Adviser should take into account.