Is a remortgage possible?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1

jodie924

User avatar
Posts: 1
Joined: Sat Apr 03, 2021 3:51 pm

Post by jodie924 » Sat Apr 03, 2021 3:51 pm
We are in a shared ownership property, 50%... looking to remortgage to make it larger as moving isn’t an option at the moment due to my husbands IVA, the IVA will be paid by the remortgage but were finding it hard to find a lender, is this even possible?

Thanks

Foggy

User avatar
Forum Expert
Posts: 33038
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Apr 03, 2021 4:13 pm
It isn't impossible, but it is very unlikely ! Apart from needing the agreement and involvement of your IP, you would be incredibly limited in a choice of lender. If you could find a lender, you will be paying heart stopping interest rates, at least for a while and, on top of everything else, the organisation you share ownership with would have to agree -- and often they simply don't.

A word with one, or both, of the mortgage specialists we have on the forum might assist. They are Shaun and Ryan and their contact details can be found on their profile pages here:

Shaun: memberlist.php?mode=viewprofile&u=22837

Ryan: memberlist.php?mode=viewprofile&u=18488
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Shaun Vickery

User avatar
Industry Expert
Posts: 939
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom

Post by Shaun Vickery » Thu Apr 08, 2021 1:57 pm
I'm afraid to say I agree with Foggy - for all the reasons he describes. The only option I can realistically see is re-mortgaging to pay off the IVA at the same time but whether that is possible or not will depend on many other things.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.

For individual, confidential mortgage advice see my details under the IVA Experts or go to http://clients.theselectpartnership.co.uk/
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”