I am currently entering year 5 of my IVA, and need an 80% LTV mortgage to satisfy the IVA agreement. Does anybody know a lender likely to offer me such a mortgage in the present climate, and considering I am an IVA customer ?
Payplan contacted me today and I raised this issue and they said to send them 2 mortgage refusals and not to worry about it yet, and that they would deal with me not meeting the 51% agreed repayable amount if and when that occured ??
My proposal seemed to state that if the 51% was not met the IVA 'could' fail. I haven't missed a payment in the 4 years to date, but only pay £200.00 per month and worry that most if this will have gone towards fees and my creditors therefore wouldnt be happy !
They said it was up to me to find my own remortgage ( but they said it in a nice way) I am just desperate to avoid bancruptcy. I am a single mum with 2 children and my home and job mean the world to me. If they fail it will bancruptcy be automatic, or can I start a DMP and throw everyting I have at it ?
I am assuming I would have to fund the mortgage letters myself, and am wondering if I could just forward them e-mail copies stating refusal ?
But they have their own in-house mortgage department, so why can't they help you? Another poster has mentioned this evening that Payplan themselves have advised that they can only find one lender lending to people in IVAs at the moment, at a maximum 50% loan to value, so I don't understand why they don't feel able to help you.
Perhaps a call to your IP personally might get you a little further on.
