I’m after some advice please. I’m nearly at the stage where I need to try and remortgage the house to release some equity into my IVA. I’m worried that if I can’t find a bank who will give me a remortgage then I’ll be forced to use one of these high interest companies that my supervisor uses and I’ll be paying a lot more for my mortgage. Has anyone managed to remortgage and who with please?
I just want the whole thing over now, these past four years has affected us badly and my mental health is starting to suffer because I’m always stressed and miserable. I’d rather just remortgage than endure this misery for another 12 months to be honest. We’re paying £600 a month into our IVA and it’s crippling us.
Select, who are used by a few of the IVA providers will, alongside a remortgage offer, if one can be found, often also seek out secured loan options. These, on the face of it, look expensive, but the reasoning is that it isn't putting the whole mortgage onto the higher rate and, once your credit files have cleared, you can re-finance that loan to a healthier rate.
First things first though --- do check yourself whether the equity release clause will, indeed, be triggered in the first place.
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