questions regarding remorgage

zara2000

I am 3 years into a IVA I have been told that as a condition of my IVA I will be expected to re- mortgage to release equity in my final year .
My question is in regards to where we stand if we want to move house now we are really desperate to move and feel really unhappy of the thought that it may be another 2/3 years before we can move so re mortgage before our term ends 2 years early would this be allowed ?
I have read lots about re morgaging whilst in an iva so I understand that no lender may not want to touch us anyway with our credit rating
Would we have the option of offering full & final settlements to my credits at a reduced sum to what I owe ? I would be unable to pay back the full amount I owe to my creditors through a re mortgage the sum is to big .
Do the creditors generally expect you to continue with the full term so 5/6 years ?

memberme

You are correct and it isn't going to be easy.

However there are a few brokers out their that deal with such issues such as equity finance etc. They seem to offer mortgages including paying off IVA's, but the interest rates will be very high.


good luck

foxy-stoat

zara2000 wrote: »

Would we have the option of offering full & final settlements to my credits at a reduced sum to what I owe ? I would be unable to pay back the full amount I owe to my creditors through a re mortgage the sum is to big .
Do the creditors generally expect you to continue with the full term so 5/6 years ?

If you found a property that is the same value as the one you are in then in thoery you may be able to move, but you will have to find Estate Agents fees, Legal costs, costs of moving and costs of carrying out any works required to your new place yourself, these will run into thousands and wouldnt be able to be added to your current mortgage.

Whats your current equity in your current property, as a percentage?

Where would the money be coming from for your Full and Final offer? This would be the only route I would take if you absolutely have to move.