Hi - looking for some specific help on how to apply for a remortgage to abide by the equity release clause in my IVA.
I have no idea what I am doing. I am in the middle of applying for a decision in principle online. I don't understand what I am supposed to apply for??
The IVA have advised the following:-
Estimated value of property is £84,000
85% LTV £71,400
Outstanding Mortgage £34,821.29
Secured Loan (CCJ) £1,987.80
Equity Available £34,590.91
In the letter from the IVA they state:- You will therefore be required to provide documentary evidence of at least two attempts to remortgage your property up to the maximum you are able to obtain not exceeding £34,590.91 and if successful introduce this into your arrangement before its completion.
When attempting to proceed with the remortgage application online, it asks what I owe with my current mortgage provider and what additional borrowing i wish to apply for (i've put in the amount of equity above). This then totals the remortgage to £69,412.20. I am completely confused.
In the application you are attempting to remortgage ... not just add the loan for equity ---- so the loan you are now seeking will be enough to repkace the existing mortgae and add to it an amount to release for equity ---- so, if, say you are looking to release £30,000, you need a loan of £37,000 to cover the existing lending, plus the £30k release --- so £67,000.
Clear as mud ??
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
Can I ask who your IVA is with please? we are with Aperture and they are claiming that they will appoint an external company to seek a mortgage on our behalf.
I'm not sure how I feel about this and it's not what I signed up to when I entered the IVA.
Just seen this. I'm with Aperture and they have just sent my details to an external company too. I really think they are barking up the wrong tree, my mortgage company declined any further lending. They also didn't advise me prior to my 60th payment that is what they were doing. I'm as stressed as I was at the beginning ! Just glad in was pre 2014.