Is a remortgage possible?

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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?



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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

Shaun Vickery

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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.
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