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IVA when you are a homeowner
Can an IVA affect a remortgage. I am 4 years away from remortgaging since we started our mortgage a year ago. We’ve managed to get ourselves into a deep dark hole with debt and it’s looking likely that an IVA is our only option now. I’m so worried that if we agree to an IVA that we won’t be able to remortgage in 4 years and end up loosing our house. Can anyone shed any light on this?
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Comments
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Your mortgage term is surely more than 5 years. You'll just go on to the standard variable rate and adjust the IVA payment for the remainder of its term. Why would you lose the house?
Although one of the IVA t&cs will be the requirement to try to release equity in the final year, in most cases this is not possible and you just get a 12-month extension to the IVA.
Debt Camel explains it here, including the need to ask about the secured loan policy
https://debtcamel.co.uk/iva-equity-release/
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