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.
Can anyone help me out please?
Clear as mud ??
i was confused because the IVA advise me to attempt to remortgage my property up to the maximum i am able to obtain not exceeding £34,590.91 :-/
I understand now that i have to apply for enough to cover current mortgage, any secured loans and for the release of equity.
Congrats on getting to this stage. Nearly done!
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.
Also. Who refused your mortgage?
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