equity remortgage query

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helen721
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by helen721 » Mon Dec 04, 2017 4:46 pm
can an iva equity remortgage add the partner who is not on the ivas debts on to the remortgage
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Foggy
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by Foggy » Mon Dec 04, 2017 4:56 pm
The release clause relates only to your share of the equity and that is all they can make you release --- if you can negotiate a larger remortgage with the lender to cover the partners debts that is your business and not affected by the IVA. However, currently remortgaging is very difficult anyway and an extension is more likely.
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kallis3
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by kallis3 » Mon Dec 04, 2017 4:58 pm
I wouldn't recommend it. If your partner is not connected with you finance wise, it could affect their credit rating.
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Ryan
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by Ryan » Mon Dec 04, 2017 5:06 pm
A re-mortgage to repay the IVA early may be possible depending on how much equity you have available, etc and subject to affordability and the new Lender may be willing to add your partner to the Mortgage. You wouldn't be looking at High Street Lenders so the interest rate may be higher than your existing Mortgage Interest rate but some people would rather repay early. As Kallis says though there can be downsides to doing something like this.

If you were to contact us we would be happy to look at your situation.

Regards
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