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Remortgaging with an IVA

Rjhsteel
Rjhsteel Posts: 244 Forumite
Part of the Furniture 100 Posts Name Dropper
in Mortgages & endowments
Hi,

We have a crappy mortgage with NRAM formally northern rock, and have an IVA with Payplan.

My wage now is fairly decent, and we would like to get out of this NRAM mortgage and repay the debt with a remortgage.

Can you remortgage with a IVA? Even though we will pay it off with it?

Thanks

Comments

  • ACG
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    How long have you been in the IVA for?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Rjhsteel
    Rjhsteel Posts: 244 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Around 8 years
  • ACG
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There should be options, but it wont be for every lender as many go off the date you left the IVA/Bankruptcy.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Rjhsteel
    Rjhsteel Posts: 244 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Its actually a dmp not a iva. Does that make a difference?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If your income has increased. Then matters lie in your own hands.
  • ACG
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Rjhsteel wrote: »
    Its actually a dmp not a iva. Does that make a difference?

    Massive difference - for the better. Get your credit reports from someone like noddle or equifax (or both) and speak to a broker. But I would be looking at normal rates I think.

    I was thinking 8 years for an IVA is a long time.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Rjhsteel
    Rjhsteel Posts: 244 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Thanks ACG. Will definitely look into this now.
This discussion has been closed.
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