Remortgage for IVA

miaboo Forumite Posts: 14
Part of the Furniture First Post Combo Breaker
Hi can anyone help please 
Next year is our 5th year into our IVA so I know they will ask us to try and remortgage, We really don't want to and would prefer the extra year of payments 
What are the chances of us being accepted, we will be about 9 years away from finishing our mortgage and would owe around £40.000 on it so would really like to avoid it as I know if my husband has to remortgage at 45 his mental health would take a battering , The IVA is in my husband's name but its a joint mortgage, I don't work and his income isn't huge, do you think it would get declined or we can try and speak to them about having the extra year payments instead


  • sammyjammy
    sammyjammy Forumite Posts: 7,048
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    How much extra would you have to borrow, husbands income and what is the value of your house?
    "You've been reading SOS when it's just your clock reading 5:05 "
  • miaboo
    miaboo Forumite Posts: 14
    Part of the Furniture First Post Combo Breaker
    I'm not actually sure what we have left to pay, our house is probably around the 155 mark, he's on about 29.000
  • miaboo
    miaboo Forumite Posts: 14
    Part of the Furniture First Post Combo Breaker
    Forgot to mention, I say 'we' but the IVA is just in his name 
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,677
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I understand you are supposed to get at least 3 different quotes from lenders, now with an insolvency on your credit file, plus any defaults/late or missed payments, that also show from your current debts, its very unlikely a high street lender will look at you, especially in this current financial climate.

    I would say the year of extra payments would be the most likely outcome.
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  • RauHughes
    RauHughes Forumite Posts: 56
    Fourth Anniversary 10 Posts
    If you refuse to consent to a remortgage, which as the joint owner of the property (which it sounds like you are) you have the right to (as you're not bound by the terms of your husbands IVA) then this would constitute failure to obtain a remortgage for your husbands IVA and would trigger the 12 month extension clause.

    When your husband gets notified it's time to attempt to remortgage, call up his IP (with him there to pass DPA so they can talk to you) and politely and calmly inform them that you will not give your consent to remortgage due to the current unsettled financial climate. That will be the end of the matter. 
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