As Kallis said it's also if you are able to find a Lender willing to lend whilst in an IVA and if you did so you would be looking at High interest rates which you may feel makes re-mortgaging an expensive option.
I feel your potential provider is being a bit glib just saying you will probably have to extend -- this may be the case, but they should give you a full explanation. Also make sure you get a writen example of how they will calculate equity --- there is more than one way; one to your advantage ( the usual way) and another more towards the creditors advantage !
As others say a RX1 restriction on the sale of the property will be put in place and your partner will be asked to sign it. The current mortgage rate will not be affected at this moment in time.
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