iva and equity release

linrog

hi in year 4 we have to try remortgage my question is prob wont be able too but will have approx 40k joint equity in house if extra 12 months added due to non remortgage how much monthly payments would we be expected to pay in lieu of equity we pay 160 per month to joint iva now and thats all we can afford thanks for reading

Thrugelmir

The IVA has to be settled before you can even start to consider remortgaging. So will be time away in the future.

linrog

we are in our 4th year was just wondering what was to come so not to far off

linrog

our terms are that we have to try to remortgage in month 54 my question was if we cant and have added 12 months and we can only afford to pay what we are paying now 160 is that all that will be required of us thanks

Thrugelmir

With mainstream lenders you'll be looking at years not months.

lonestarfan

Have you asked whoever is overseeing the IVA or is there anything in the papers you signed.

linrog

if cant remortgage extra 12 months but will it be at the amount we are paying now if our finacial circumstances dont change thanks

linrog

the papers i signed just said if cant remortgage 123 months added just wanted to know if that ment at the same rate im paying monthly now which is 160 per month if no change to my circumstances thanks

ViolaLass

OP, did you read post 6? You haven't answered it.

linrog

our papers we signed said if cant remortgage 12 extra contributions all i wanted to know does that mean at the amount im paying monthly now which is 160.00 obviously as long as my circumstances dont change thankyou

ViolaLass

Yes, you've made it quite clear what your question is. Again, have you read post 6? You haven't answered it.