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>100% mortgages (115%)?
Grendel_2
Posts: 8 Forumite
Hi,
We are seriously considering an IVA to get us out of some problems.
However, I have heard that they take every single penny that you have left after paying bills, so you just have enough to buy food, neccessities, etc, but nothing for any kind of luxury at all. And I've also read something about them looking at valuing your house in year four and then forcing some kind of equity release to pay the creditors more. Then after five years we'd have to remortgage anyway.
If we add up the current mortgage and unsecured debts, the total is greater than the house value by about 15%.
I checked on a mortgage calculator and we could easily afford the repayments on the total amount we would need to borrow, but obviously don't have the security for the full amount.
We are unlikely to get a mortgage then an unsecured loan as we have had a few missed payments, that have worried some mortgage companies when I have spoken to them. OneAccount wouldn't give us a mortgage, even though we were only asking for 90% and could comfortably afford the repayments, but as we had gone over our agreed overdraft limits a few times they said no! ( I'm hopefully getting this sorted with the help of the advise on this site
)
I saw some places offering up to 125% mortgages a year or two ago, but none of the search engines show any results now.
Can anyone help/advise, etc, please?
Thanks.
We are seriously considering an IVA to get us out of some problems.
However, I have heard that they take every single penny that you have left after paying bills, so you just have enough to buy food, neccessities, etc, but nothing for any kind of luxury at all. And I've also read something about them looking at valuing your house in year four and then forcing some kind of equity release to pay the creditors more. Then after five years we'd have to remortgage anyway.
If we add up the current mortgage and unsecured debts, the total is greater than the house value by about 15%.
I checked on a mortgage calculator and we could easily afford the repayments on the total amount we would need to borrow, but obviously don't have the security for the full amount.
We are unlikely to get a mortgage then an unsecured loan as we have had a few missed payments, that have worried some mortgage companies when I have spoken to them. OneAccount wouldn't give us a mortgage, even though we were only asking for 90% and could comfortably afford the repayments, but as we had gone over our agreed overdraft limits a few times they said no! ( I'm hopefully getting this sorted with the help of the advise on this site
)I saw some places offering up to 125% mortgages a year or two ago, but none of the search engines show any results now.
Can anyone help/advise, etc, please?
Thanks.
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