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IVA and remortgages
bj1201
Posts: 1 Newbie
Does anyone know where I can obtain a remortgage when I have an IVA.
I am tied into a fixed rate mortgage that has a £3000 penalty but the payments are too high for me at the moment because I was made redundant just before xmas.
I have a new job but the pay is considerably less than I was on.
I have asked my current lender if i can go on a interest only mortgage but they say I have to have £150k equity in my property to consider it. The mortgage I need is £150K and my house is worth £225K.
If I can not sort this out I will not be able to pay my IVA repayments.
This is really stressing my husband and I. We know we only have ourselves to blame for the mess we are in but we really want to sort it out and keep our house. We are both 50 years of age and don't want to start all over again.
I am tied into a fixed rate mortgage that has a £3000 penalty but the payments are too high for me at the moment because I was made redundant just before xmas.
I have a new job but the pay is considerably less than I was on.
I have asked my current lender if i can go on a interest only mortgage but they say I have to have £150k equity in my property to consider it. The mortgage I need is £150K and my house is worth £225K.
If I can not sort this out I will not be able to pay my IVA repayments.
This is really stressing my husband and I. We know we only have ourselves to blame for the mess we are in but we really want to sort it out and keep our house. We are both 50 years of age and don't want to start all over again.
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