Hello.
I have been trying to understand how I remortgage in year 5.
I've been told to remortgage for 12600 but don't know what to put on the forms when it asks me how much to borrow/over what mortgage term/what type of mortgage and what monthly payments?
We already have a mortgage which will be finishing in about 3 years time.
All credit fix are telling me is to reread the clause in my proposal which I have but it makes no sense nor does it help me fill in any forms.
They are asking you to remortgage to release £12600 to the IVA. So you need to borrow whatever amount is required to repay your current mortgage, plus £12600 and fees. The repayment amount cannot be higher than your current mortgage payment plus half the IVA payment and the term cannot extend beyond the current term or retirement age, whichever is the later. In all probablity you will be refused a remortgage, in which case the IVA will be extended by 12 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
