please could you give me some advice

[mary.h]

hi please could you give me some advice
my husband and i have unsecured debts of 55000, can we are now at a stage were mthly repayments are a struggle. we sought an financial advisor who said that we would be able to remortgage. our mortgage being 135000 on repayment only to jan 08. This was 4 weeks ago and paperwork was going through, last week got a phone call from him saying that our earnings were not high enough. we both bring home 2200 a month. it would of meant a repayment of 980 plus a unsecured loan of 60 per month. anyway he then send that he would put another key thing in again and we have not heard anything. what i was hoping for was some advise debts are
band of scotland 9000
egg 4200
mint 3500
morgan and stanley 4000
halifax 5000
mbna mine 6500
mbna husband 10000
abbey unsecured loan 10000 left to pay
overdraft 2600
if they do not remortgage us what option are left thanks mary

[keh]

Hi mary and welcome to the forum

Is £2200 you joint Total wage a month or is that what you both take home (£4400 total)?

I'm not an expert but sure Melanie or Andy will be along soon

Keith

The long and winding road will straighten out eventually....keep the faith

[MelanieGiles]

Hi mary

Have you asked your broker whether he is doing the mortgage as a "status" mortgage or on a self=certified basis? Self-certified means that you take a mortgage on because you can certify that you can afford to make the repayments, but the lending is not linked to multiples of your income. These types of mortgage can be dangerous, so you will need to take specialist advice and make sure that you can actually afford the proposed repayments.

How much equity would you be raising on your property, and would this enable you to pay your debts in full?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adrian Ratcliffe]

Hi mary,
You could self-cert but the FSA are clamping down on it.
Your broker might may have used the high street first which company did he try to get the remo with ?
Any adverse lender would take that amount on.

Regards
Adrian

[Welsh Boy]

mary.h

Hello Mary, I have read through your post, I can`t give you specific advice on your debts as I am not qualified to do so, however if you tell me what you are trying to do from a mortgage point of view then I can let you know if this is feasible and advise from there. -Tony

[Adam Davies]

Hi
Tony,s contact is antony.parsons@btopenworld.com
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[mary.h]

hi yes joint income after tax is 2200. The broker was going for a remortgage interest only, with northern rock i think a self cert. then came back to us and said we did not earn enough it was for 192,000 which would of paid all debts and coming out of our another mtge lender early. now he has put it in for 172,000 but means we still have 20,000 of debt and more outgoings for the mth. the thing is not sure what to do as we are struggling and can only keep going like this for a little while.
interest only mtge that he has put forward is 5 years interest only at 6.5 payemnts on the 192,000 was 977.00 and a unsecured loan of 9,000. now it is going to be 944.00 and pay back 20,000 which would be 414.00 on top

[mary.h]

oh sorry i forgot to mention that our house valve last month was 190,000

[Rainbow]

Hi Mary

I am not an expert but please don't go down this route this is what a financial adviser advised myself and husband to do and 3 years later we are now going down an IVA route - How I wish we had found this site then because what we would have done is to remortgage and then offered a full and final IVA with the remortgage please please get advice from Melanie first her company gets brillant reviews and I am sure she would be only to pleased to discuss your options with you, and although we had already started using another company before I found this site - Melanie has given me brillant advice on this forum which has helped with our proposed IVA - Melanie Rocks!

Best wishes
Rainbow

[MelanieGiles]

Thank you Rainbow!!!

The reason then that your broker could not get you the original mortgage was not because of income but the fact that your property value was insufficient. It appears that he is now applying for a 90% loan to value mortgage giving the £172,000, which you say will be insufficient to discharge all of your debts in full.

You can still use the amount raised to offer an IVA to your creditors, if you feel that this is the best way forward. Creditors will not be paid in full, but they will get more than they would in bankruptcy, and you will have the certainty that your debts are cleared once and for all.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adrian Ratcliffe]

mary.h
I too went down the remortgage route only to find myself in an IVA too.
Be carefull of leaving too much equity in the property if you are going down the IVA route.

Regards
Adrian