We are now post IVA and got our completion certificate in June 2010. We have a large secured loan which is hampering our return to managing our existing cash flow. We have enough equity (just) in our property to settle the secured loan as well as covering our existing mortgage. Is there a company we can approach to re-mortgage any way or anywhere you can suggest we go to settle our secured loan and clear our mortgage before we are both 65 in 8/9 years time?
It would be extremely difficult to find a mortgage with your IVA just completed unless you have substantial equity. Once six years have passed from the date of the IVA and you have been discharged in some cases for two years, you could take the mortgage down the High Street and get a better deal.
You could ask your existing lender if they would pay off the secured loan and if not they may advise what their policies are concerning post IVA clients.