We are in the last year of my IVA - 12 payments to make!! We have to release money from our mortgage this year, although we haven't heard from our IVA practitioner! Is it likely that my current mortgage company will remortgage it for me? They are Mortgage Express. What happens if they won't?
The uncertainty of this subject is really worrying, the rules seem to be constantly changing. [V][V][V]
Personally I think that the six year option is far better for you, as at least you can see and end to the debts in a relatively short period of time, compared the the extended payments you would have to pay if you took out an increased mortgage.
I spoke to the Mortgage adviser yesterday, he is going to call me back today to let me know if anyone is prepared to lend us the extra money - not looking good though! We are preparing for year 6!!
I found that I'm much happier since speaking to him as I realised that there is support out there for us after the IVA, he will help us find a decent mortgage later down the line. He's is currently looking at our utilities bills, insurances etc to see if they can be reduced further....we are so penny concious though that we regularly go through and do this ourselves.
I'll update once I have the news....good or bad!!
Quick update....Mortgage adviser unable to help, there was a lender that was interested in lending to us but we were unable to get the valuation we needed...
Just really unfortunate timing I think with the current state of the economy.
Waiting to hear back from our IP now to see what the next step is...
I wish you a smooth journey for the remainder of your IVA, I feel that there will be a few of us in this position unless there is a big change ahead in the mortgage world.
If you do get an expensive remortgage you have to remember that there will be tie ins as well and will cost you more in the long run.
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