How likely are you to get Re-Mortgage

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stu1970
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by stu1970 » Fri May 12, 2017 2:28 pm
Im 6 months into my IVA with Step change paying £307pm I'm married but the IVS is just in my name ONLY
My question is at the end off the 5 years what are the realistic changes off getting a re-morgage to release equity on our home when my credit rating is so bad ?
and will my Wife be force to remortgage to ? has its a joint Mortgage but only my IVA
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Michael Peoples
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by Michael Peoples » Fri May 12, 2017 2:47 pm
It is impossible to know how the mortgage market will be at the time so it may be possible. Any remortgage will need your wife's consent so I assume she signed the restriction and is aware of the remortgage obligation.
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stu1970
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by stu1970 » Fri May 12, 2017 3:12 pm
Yes she signed the restriction and is aware of the remortgage obligation.
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Foggy
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by Foggy » Fri May 12, 2017 3:16 pm
As things currently stand you will be looking at a 12 month extension (unless you have the secured loan option clause -- in which case it might be a secured loan). But, as Michael says, the market is forever changing and, in a few years, remortgaging might be possible.
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luluj
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by luluj » Sun May 14, 2017 6:22 pm
Use the forum mortgage experts Ryan and Shaun for specific advice - once fully cleared they will I am sure be able to help
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Michael Peoples
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by Michael Peoples » Mon May 15, 2017 11:43 am
It does seem just a case of wait and see. If you have some equity you could try an earlier settlement rather waiting until the end and this might be attractive to creditors.
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