I am at the point where I have to try to remortgage

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whyalwaysme
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by whyalwaysme » Wed Jan 31, 2018 2:41 pm
Hi - I am in year 5 of my IVA and am at the point where I have to try to remortgage. Without coming across as totally clueless, what steps do I take to do this? Do I approach my current mortgage provider, I have a joint mortgage with partner but IVA in my name only so not sure how this would work. Or do I approach another random provider and ask if I can borrow the amount given? I just feel really nervous about this stage of the IVA. I don't want to rock the boat with current mortgage provider as I've never missed a payment, and feel a bit ridiculous approaching another provider, given my circumstances - as well as the IVA, I'm sure my age (over 50) and work circumstances (fixed term contract ending in a couple of months) won't help the application.
I understand that the application will more than likely fail and am gearing myself up to pay the additional 12 months, but it's just the process to get to that point that is worrying me.
Any help/advice/past experience would be very much appreciated.
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recovering
Posts: 1580
by recovering » Wed Jan 31, 2018 2:51 pm
Hi I just went online fto random providers from memory didn't have to enter an amount because I was rejected as soon as I answered the IVA question. I just took a screen shot of the recjection and forwarded them to Iva company
I didn’t want to approach my own mortgage provider for the sane reason as you.
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Ryan
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by Ryan » Wed Jan 31, 2018 3:33 pm
If you were to contact ourselves and we found that you are unlikely to be able to re-mortgage currently, as is probably the case, we would happily send you a letter saying so. This has been perfectly acceptable in the past.

Regards
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Shaun Vickery
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by Shaun Vickery » Wed Jan 31, 2018 3:43 pm
Seek guidance from your Insolvency Firm as their requirements vary.
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Foggy
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by Foggy » Wed Jan 31, 2018 3:53 pm
As Shaun says, requirements do vary from firm to firm, a few even accept that it isn't going to happen without making you jump through the hoops !

The first step though is to see if you will even trigger the clause. If you have less than £5k equity the clause doesn't trigger and you don't get an extension either.
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kallis3
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by kallis3 » Wed Jan 31, 2018 3:56 pm
You won't be able to remortgage so will possibly have to carry on for another year.

Speak to your mortgage provider and get another rejection letter from someone else.
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Shaun Vickery
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by Shaun Vickery » Wed Jan 31, 2018 4:10 pm
Whether you are able to re-mortgage really does depend on your individual circumstances and the treatment depends on your IVA firm (for instance whether your IVA is based on the new protocol).
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