Husband has an IVA, can we remortgage?

Janerhutch

Last year my husband's business had to go into liquidation and whilst this was happening he took out (not sure if that's how you describe it) an IVA. My dad lent us £30k for settlement with the liquidators, it was either that or they were looking at any equity in our house which would mean we would have to sell. Now this has all been resolved my dad would understandably like his £30k back. Our mortgage has come up for renewal, we are currently on 4.99% and want to reduce this. I phoned YBS (we're with Santander) to try and get a better rate but to also add £30k to our borrowings but its come back that they won't lend to us. I was probably being naive. Does anyone know how we can try and loan 30k or whether some banks will accept people with IVAs for remortgaging? Thanks in advance.

Lioness_Twinkletoes

Firstly, part of the terms and conditions of an IVA is that you do not obtain any further credit.

Secondly, if your own bank is refusing to extend any further lending it is highly unlikely anyone else will. If you do find a lender prepared to extend further credit it is highly likely they'll set an extortionate APR. This will once again put your home at risk.

I'd suggest you set up a sensible payment plan for your Dad. Does he really want you to risk you home again?

Janerhutch

Thanks for your response.