Specialist mortgage broker?

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paul822
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by paul822 » Sat Dec 01, 2018 4:48 pm
I have entered the equity release phase of my IVA and have submitted the house valuation, mortgage redemption statement and two letters (one from my lender and the other a mortgage broker) confirming I am unable to re-mortgage.
Today I received a letter stating my case had been referred to a specialist broker as the IVA company assessed that a re-mortgage was possible.
I've checked my IVA conditions and all it says the IVA practitioner has the discretion to do is see if I am able to secure a third party sum equivalent to 85%, etc or look at additional 12 monthly payments. There is no mention of having to use a specialist broker provided by the IVA practitioner.
Are they allowed to do this?
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Foggy
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by Foggy » Sat Dec 01, 2018 5:46 pm
Yes they are --- the agreement says if you can remortgage you will. It does not limit who the remortgage is to come from. If you are on pre 2014 terms they cannot force a secured loan (as opposed to a remortgage), but it does sometimes work out better than a whole remortgage at high rates.
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