I am half way through of my IVA and I know I'm still a fair way off the equity release, but I'm a little confused as to releasing the equity.
I have a staff rate mortgage joint with my husband, when we took the mortgage out he was earning more and I was full time.
Ltv is probably around 65-70% but I think income expenditure is not affordable. Can my ip make me remortgage to another company if my payments will be higher as they obviously can't match my staff rate? Also as it is a joint mortgage and the IVA is in my name only how does this work?
I would much rather do an additional year on top of the five years then transfer my mortgage and then pay a higher rate.
As things stand at the moment it is unlikely that you would be ale to remortgage, if your share of equity is, indeed, enough to trigger the equity release clause. Of course things do change over time, but, at the moment, you would probably get the extension anyway.
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