Can I arrange for a re-mortgage myself

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cheryl.c

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Post by cheryl.c » Mon Apr 28, 2008 10:28 pm
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Can I arrange for a re-mortgage myself to allow me to settle my IVA early by offering the IP a settlement amount. I am in my 2nd year of IVA payments of £390 pm. So far I have paid £8190 - if i got a remortgage of £20000 would that be enough to settle my IVA
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MelanieGiles

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Post by MelanieGiles » Mon Apr 28, 2008 10:46 pm
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Hi cheryl and welcome to the forum

There is nothing to stop you looking at a re-mortgage to settle the IVAm, but I think that you will struggle in today's mortgage climate. Also, are you required to raise equity in your property during the final year? If so, I doubt that an early settlement now will be appropriate, but do check with your IP to be sure.
Regards, Melanie Giles, Insolvency Practitioner
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