Solo IVA But a Joint Morgage

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


  • Bigphil1474Bigphil1474 Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
  • fatbellyfatbelly Forumite
    18.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    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.
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