Solo IVA But a Joint Morgage 14 January 2021 at 2:00PM in Bankruptcy & living with it 2 replies 121 views

dexbond

Hi Everyone, 
My wife is coming up to her final year with a solo IVA and they now want us to Refinance or re mortgage our house, but i am not part of the iva and i refused when she took it out, can i refuse to Refinance or re mortgage as it would for sure be a higher interest rate etc as our credit is now poor, Also i think we prob only have maybe £ 15k in equity at best. 
Does anyone have any good advice
TIA Barry

Bigphil1474

OP, when I went into an IVA way back in 2005, we had about £50k equity in our house. My OH basically bought me out of the house, and that money went to the IVA at the beginning. I guess technically your wife owns £7.5k of the equity so that's what they'll be after. Can you finance it another way - loan, family etc. Presumably once the IVA is finished you'll have a bit more disposable income to clear that. Might be worth speaking to your existing lender, see if they can extend the mortgage on existing terms if you can't find a better deal.

fatbelly

Yes you can refuse. The likelihood of her being able to get any sort of secured loan is pretty much nil, so she will do a further year of payments.