Is Anyone Giving Mortgages?

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

xopo99

User avatar
Posts: 14
Joined: Wed Aug 29, 2007 9:04 pm
Location:

Post by xopo99 » Mon Aug 02, 2010 2:50 pm
Are there any companies at all who are lending to those of us with IVA at the moment?

I am desperate to get a remortgage as there is 50% equity on my property at the moment, and I really want to conlude my IVA. My fifth year is about to start.
 
 

kallis3

User avatar
Forum Expert
Posts: 76074
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Aug 02, 2010 3:05 pm
I don't know of any at all, so I think you might be struggling.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Mon Aug 02, 2010 10:09 pm
There is one company who will go as far as 50% loan to value and the interest rate is around 9%. So personally I don't think this is likely to help you.

How much is your house currently worth, and how much is your outstanding mortgage?
Regards, Melanie Giles, Insolvency Practitioner
 
 

xopo99

User avatar
Posts: 14
Joined: Wed Aug 29, 2007 9:04 pm
Location:

Post by xopo99 » Mon Aug 09, 2010 5:07 pm
Melanie, it would actually be of help, as I have got 40%LTV on my house, if you could pass on the details I would be very grateful!
 
 

xopo99

User avatar
Posts: 14
Joined: Wed Aug 29, 2007 9:04 pm
Location:

Post by xopo99 » Mon Aug 09, 2010 5:22 pm
It was valued last week at £145,000 and there is £65,000 remaining on the mortgage. It takes £660 in rent per month which more than covers any mortgage. My IVA company are less than helpful in pointing me in the right direction
 
 

Andrew Graveson

User avatar
Posts: 933
Joined: Wed Jun 13, 2007 7:52 pm
Location: United Kingdom

Post by Andrew Graveson » Mon Aug 09, 2010 5:33 pm
Hi xopo99,

Is it a "buy-to-let" mortgage that you need?

I suspect Melanie may be refering to a mortgage for residential borrowers.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Tue Aug 10, 2010 1:27 am
Yes - I had assumed this to be the case. I doubt whether you would get any form of remortgage on an investment property, but no harm in trying.
Regards, Melanie Giles, Insolvency Practitioner
 
 

xopo99

User avatar
Posts: 14
Joined: Wed Aug 29, 2007 9:04 pm
Location:

Post by xopo99 » Tue Aug 10, 2010 9:07 am
Can you tell me the name of the company please?
8 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”