IVA final hurdle?

dtmurdy

We started our IVA back in November 2010 and we are now at the stage where we are being asked to release equity. Our IVA practioner has a sister company that is looking into the remortgage and has told us that we have only one option Magellan.

Has anyone else ever used Magellan and how easy is it to get a mortgage back with a highstreet company.

Our current mortgage provider (Halifax) aren't willing to help as they deem it as unresponisble lending and we've also seen to 2 estate agent mortgage advisers both of whom have said no.

I'm desperate as we don't want to be with a provider on high rates and unable to move for the remainder of our mortgage.

National_Debtline

Hi

Unless it’s a specific term in your IVA you can try releasing equity from a different company, but I think many people find it difficult due to having an IVA on their credit file.

Do you know whether your IVA company comply with the IVA Protocol? It’s a code of practice which gives some extra protection. If so, there is a point regarding the equity clause which states:

‘The incremental cost of the remortgage, including cost of any new repayment vehicle, will not exceed 50% of the monthly contribution at the review date.’

James
@natdebtline

dtmurdy

Hi James,
I wasn't aware of this protocol I'll double check thankyou very much for taking the time to reply

sourcrates

Hi,


I`m not sure if this has changed, but all you were required to do in my IVA was to get 3 quotes, if all 3 turned you down, then a further year was added onto the IVA.


Ask your IP if you can take that option instead.

memberme

My iva was different again. IP assumed I wouldn't get remortgage so just got 3 house valuations from local estate agencies. If LTV not better than 85% then that was that...no extra year as the extra year in my case would be deemed as an alternative to no equity (nothing) and therefore unfair. All iva's seem a little different. i guess i was lucky