Remortgage in the IVA?
I have 2 years to 6 years of IVA and I want out. I am the owner of the house and I’m looking for the shares freely in the house to get rid of this albatross and Cruella De Ville (aka IVA Supervisor …) Anyone can give me an indication of what interest should I pay to remortgage in my position and can also advise you good honest brokers / companies that there are no sharks? Is it worth anything close to my current mortgage lender, RBS (No paymnts missed etc.) or I might be blown out of the water? Tap tanganTepuk tanganRBS not part of the IVA, all clean with them. Just get rid of this millstone once and for semua.LTV about 60% ‘Do-Able “in x 3.25 in my income sendiriHanya called RBS is not available to treat … Just talked to RBS, now await their loan dept. The girl in the end did not know what the IVA it! As a very interesting offer, but somehow I doubt they’ll go for it and I have to deal with the sub prime lenders! 
Well, this is where it gets inter-resting IVA s’visor … When I hit and an additional year of payment (making it six years instead of five normal settings) instead of equity in the house agreed because I did not have enough at the time. In the last two years the price of proprty in my village have gone up at a level that is so crazy that I much capital! S RB however I have just exploded out of the water, wipe out so I have to say the least ….
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January 30th, 2011 at 10:43 am
Ask RBS first .. but if they are already part of your IVA (for example, they have frozen the Interest or are accepting reduced Mortgage Payments) they are not likely to be too responsive … .
…. of course some cowboy lender will be only too happy to take you to the cleaners .. but you then end up on a really high Mortgage Rate & end up paying more than your IVA payments (and over 25 years instead of a 6 years)
January 30th, 2011 at 11:03 am
You should approach your mortgage provider as they will look at what you can afford and with a clean record it will show that you are not a problem payer. Also with The IVA it should show you have been making regular payments for two years which will boost your credit rating. Personally I would get a quote from a independent Mortgage adviser as well as they may have thousands of offers to show you. Realistically an independent person should be able to show you about 10 offers to suit your budget. Most companies these days offer fixed rates for one year on a low rate about 4-5%. I hope this basic outline helps.
January 30th, 2011 at 11:20 am
mos def speak to royal bank of scotty
January 30th, 2011 at 11:29 am
Hi, There are a few factors that would decide the potential rate you might get;
1. Loan to Value eg 85% / 90% you would be requiring
2. Your own income level ie are you looking for 3 x joint or 5 x joint etc
3. If employed or self employed / self cert
All of these would impact on the rate, as a rough guide you’re going to be looking at around 7% give or take 1% and it is really as broad as that until all the ‘details’ are known.
A great company for this is Affordablemortgages.co.uk
based in Yorkshire although they operate across the UK.
January 30th, 2011 at 11:53 am
You should speak to your supervisor first as they probably already have plans for a remortgage. If not then you will need a specialist lender. Try http://www.debtadvicetrust.org they are a not for profit advice company who should be able to point you at a lender.