Just asking for any thoughts on remortgaging

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steve509
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by steve509 » Tue Nov 07, 2017 6:44 pm
Currently in a iva will be 3yrs come March 2018 was looking into a remortgage to get a better deal on our affordability we can get a remortgage for 51000 current balance 43393 and with fees will leave 4000 to offer as full and final to iva does this come across as to low just asking for any thoughts as working out from March 2018 and taking the extra 12 mths payment will be a total 7200 and my wife as a small pension to draw on thanks
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Foggy
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by Foggy » Tue Nov 07, 2017 7:02 pm
If you remortgage the equity released thereby will be payable into the IVA on top of the agreed payments, so might not be a wise move in the long run. I must say that I am surprised you are able to do so.
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steve509
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by steve509 » Wed Nov 08, 2017 12:53 am
Hi foggy I was looking for a new deal currently in a repayment mortgage and with a rise although small house value 87000 and current balance 43393 and a broker on our affordability says /offer of a 51000 mortgage taking in to account fees leaves 4000 as a offer to iva all I am to go down this path or just wait 3mths and stay as we were and offer my wife's drawdown pension worth 7000 to offer a full and final as taking into account the extra 12mths for equity so 36x 202 thanks
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Foggy
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by Foggy » Wed Nov 08, 2017 7:58 am
On the equity release front I would explore the figures and possibility in more depth with a broker who I know has experience in dealing with IVA's such as Shaun Vickery, who posts on this forum. I have seen a few deals go pear shaped when being handled by inexperienced brokers when the IVA makes it's presence known!

Personally I would favour offering the drawdown as a F&F .. but, again, this has to be handled carefully. If you just draw the funds they will be payable into the IVA to no good purpose. You need to offer to draw the funds for the sole purpose of the F&F -- i.e. no accepted offer = no drawdown.
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kallis3
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by kallis3 » Wed Nov 08, 2017 8:50 am
I agree with Foggy - let sleeping dogs lie for now and I am also surprised you have been able to have this offer.
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kallis3
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by kallis3 » Wed Nov 08, 2017 8:54 am
Merged topics to avoid confusion.
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Lisa Thomas
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by Lisa Thomas » Wed Nov 08, 2017 10:28 am
I doubt you will be able to remortgage until your IVA is completed, you have come off the insolvency register and the 6 year anniversary has passed.

No doubt Ryan or Shaun can comment if my thinking is wrong or if they can help you.
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Ryan
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by Ryan » Wed Nov 08, 2017 10:51 am
Hi Steve,

If your Mortgage is currently with a High Street Lender you may be able to swap to a new rate with them if they don't need to credit search/score you as part of the application however, it's unlikely they will lend you any more money whilst you are in the IVA. There are specialist Lenders who may look to lend to raise money to repay an IVA.

Regards
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