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Remortgage for ex IVA
amberrose_2
Posts: 7 Forumite
Hi all...
We did a full and final IVA 4 years ago....since then we have no further credit...no overdraft...no debts...just our mortgage.
We had to do a remortgage 2 years ago as the fixed rate we were in was up and we had a right job getting a new one...we went through a brokers who advised us to go for a interest only to keep the monthly payments down (basically saying that by the time this new interest only mortgage fixed rate is up we will have been 5 years ex IVA's and would be able to get a better rate mortgage)
So we did this and in dec next year it will be up...so we will have to remortgage again...so we will have been 5 years ex IVA's and have never missed or been late with any mortgage payments....what i am worried about though its that obviously we haven't been paying anything off the actual loan for 3 years and house prices have come down....so we don't have alot of equity in the house.....its worth about £140'000 and we would need £119'000 to repay the old mortgage.
We are on a 6.65 rate ... currently at 25 yrs ... £660 per month
We would like a lower rate.....knock 5 years off....and can afford £800 per month
Am i totally cookoo to think this could happen...? are we going to be faced with the usual headache of going through what feels like the !!!!! to get a mortgage with massive interest rates...and feeling like a sub class citizen even after 5 years of our F/F IVA....??? just getting a mortgage with a high street lender or even just a name i recognize would feel like an achievement.
Any help or advise would be welcomed with open arms...(((hug))) thanks xxx
We did a full and final IVA 4 years ago....since then we have no further credit...no overdraft...no debts...just our mortgage.
We had to do a remortgage 2 years ago as the fixed rate we were in was up and we had a right job getting a new one...we went through a brokers who advised us to go for a interest only to keep the monthly payments down (basically saying that by the time this new interest only mortgage fixed rate is up we will have been 5 years ex IVA's and would be able to get a better rate mortgage)
So we did this and in dec next year it will be up...so we will have to remortgage again...so we will have been 5 years ex IVA's and have never missed or been late with any mortgage payments....what i am worried about though its that obviously we haven't been paying anything off the actual loan for 3 years and house prices have come down....so we don't have alot of equity in the house.....its worth about £140'000 and we would need £119'000 to repay the old mortgage.
We are on a 6.65 rate ... currently at 25 yrs ... £660 per month
We would like a lower rate.....knock 5 years off....and can afford £800 per month
Am i totally cookoo to think this could happen...? are we going to be faced with the usual headache of going through what feels like the !!!!! to get a mortgage with massive interest rates...and feeling like a sub class citizen even after 5 years of our F/F IVA....??? just getting a mortgage with a high street lender or even just a name i recognize would feel like an achievement.
Any help or advise would be welcomed with open arms...(((hug))) thanks xxx
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