Remortgage/secured loan

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1


User avatar
Posts: 15
Joined: Sat Nov 24, 2018 9:52 am

Post by laura414 » Tue Jul 28, 2020 2:29 pm
It’s coming up to the time where I need to seek either a secured loan or remortgage under the terms of my IVA. I just want out to be able to get my life back so would prefer to do this than extend for another 12 months. Has anyone been successful in securing one lately with a company that doesn’t charge extortionate interest rates?

Also, when I received my annual review a few months back, my new supervisor said my old supervisor had “wholly overestimated the remortgage figure” - does anyone know what I should do? They are asking me to try and remortgage for £10,500.



User avatar
Forum Expert
Posts: 32060
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Jul 28, 2020 3:02 pm
It is still highly unlikely that you will be able to remortgage. A secured loan is a possibility, or even something like a Sprout loan ( a loan designed for equity release and early closure ). Both options are likely to cost a lot more than an extension.

Some firms like Aperture and Creditfix will get a broker to investigate the possibilities anyway, others will leave it to you.

First things first though .... are you confident that there will be more than £5k equity available from your share ? .... if not then the clause may well not be triggered at all.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


User avatar
Posts: 955
Joined: Sun Dec 02, 2012 8:50 pm

Post by abbiesmum2003 » Tue Jul 28, 2020 8:04 pm
we did it about 18 months ago using The Select Partnership.
Very helpful and knowledgable about criteria.
We had equity but didnt release anywhere near what i was anticipating.
You can only release what a lender will offer you so they can say fugures but it doesnt mean anything.
So many clauses to meet. So has to be affordable, repayment must be 50% of your iva payment, Be able to be lent it etc.
Do you have sufficient equity to trigger the loan/remortgage in the first place?
If not it shoukd just end after 60 payments.
We didnt need ti do a secured loan (t&c only asked for remortgage) but the SL option was better for us.
only released as much as would be lended and 6 weeks agonwe paid it off by selling our house and moving to dream home with high street mortgage.
If you do need a long loan term or high interest dont be overly worried as its just a release from the IVA and can easily be paid off at a later date once credit history and options are more available. Speak to Shauns team at select, theyll help guide. best of luck and well done getting this far. Not long now!


User avatar
Forum Expert
Posts: 11027
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Tue Jul 28, 2020 10:21 pm
A good starting point would be one or both of the forum experts.

I would suggest a whole of market broker with experience in adverse credit applications, as lenders policies do vary --- some will accept you as soon as your credit record clears, some three or even six years after completion and sone never again ! But, as usual the market is ever changing, so an expert in this field can be worth their weight in gold.

We have two brokers who regularly post here who it would be worth chatting to, both of whom have assisted many an ex IVA'er -- Ryan and Shaun. Their contact details can be gleaned from their profile pages at:

Ryan: memberlist.php?mode=viewprofile&u=18488

Shaun: memberlist.php?mode=viewprofile&u=22837
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"


User avatar
Posts: 15
Joined: Sat Nov 24, 2018 9:52 am

Post by laura414 » Wed Jul 29, 2020 1:15 pm
Thanks everyone - the whole thing is just very confusing and stressful. It’s a joint IVA and we have around £55k equity in the house so I imagine the clause will be triggered. I just don’t know where to start - we are paying nearly £600 a month and we don’t earn a great deal, just want out of it now.

This forum has been a great support over the years especially Foggy - thank you

Shaun Vickery

User avatar
Industry Expert
Posts: 931
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom

Post by Shaun Vickery » Wed Jul 29, 2020 2:57 pm
Hi Laura. I totally understand what a stressful time this will be for you. Depending on who your IP Supervisor firm is, it may be that you are referred to us anyway but we are well versed in managing these situations. As Abbiesmum says there is a lot of protection afforded to you by the IVA Protocol and, in this situation, we always make sure that any/all of these conditions are observed. In any event I'd always recommend looking at all of your options so that you can make an informed decision. If you are keen to be rid of your IVA now may be the perfect time to achieve it.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.

For individual, confidential mortgage advice see my details under the IVA Experts or go to


User avatar
Posts: 15
Joined: Sat Nov 24, 2018 9:52 am

Post by laura414 » Wed Jul 29, 2020 6:32 pm
Thanks for the advice :-)
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”