would a charge make it difficult to remortgage?

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tradle

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Post by tradle » Sun Aug 22, 2010 2:57 pm
We have been in our IVA for nearly four years. Part of the agreement was that we released the equity in our house and made a final lump sum payment at the end of the 5 year period. Would our current lender be able to help us? We have a charge on the property at the moment due to the IVA so would this make it difficult to remortgage to release the equity?
 
 

kallis3

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Post by kallis3 » Sun Aug 22, 2010 6:01 pm
Hi, and welcome to the forum.

You are highly unlikely to be able to remortgage, regardless of the charge on the property.

You may find that you need to extend your IVA for a further 12 months to cover this.

Speak to your IP about this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Andrew Graveson

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Post by Andrew Graveson » Mon Aug 23, 2010 12:39 pm
Hi tradle,

As already stated mortgages for people currently in IVA's are pretty much non-existent at the moment.

Your IP will be familiar with this situation and will advise what will happen next (for example a twelve month extension).
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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