I have 5 payments of my IVA left, i have nearly paid double the amount each month since beginning my IVA. My father originally agreed to give me 25000 towards the IVA at the end but due to the current financial climate i am not he has got it at the moment. My mortgage is 168000 and my house is worth 240000. I would like to know if it would be possible for me to re-mortgage and pay the debt myself? My mortgage is with Northern Rock and no missed payments my credit rating is 900 according to Experian.
Could you please advise best option and any good companies to contact. My IVA is with Grant Thornton.
I think that you will struggle to get anyone to lend you money while you are in an IVA, and I don't think that any mortgage lenders are considering applications at the momemt from persons subject to IVA proceedings. You could ask Northern Rock if they will give you a further advance, or offer a lesser sum based on your father's affordability.
SteveWood wrote:
I have 5 payments of my IVA left, i have nearly paid double the amount each month since beginning my IVA. My father originally agreed to give me 25000 towards the IVA at the end but due to the current financial climate i am not he has got it at the moment. My mortgage is 168000 and my house is worth 240000. I would like to know if it would be possible for me to re-mortgage and pay the debt myself? My mortgage is with Northern Rock and no missed payments my credit rating is 900 according to Experian.
Could you please advise best option and any good companies to contact. My IVA is with Grant Thornton.
Your 900 score will mean very little to any lender when they see the IVA on your CRF.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
