www.iva.co.uk

Hello everyone.

We have found out our house is now worth more than we anticipated but it doesnt seem to help! We are on a low income sallary of approx 1100 a month (after tax) our mortgage is 72 house woth approx 100k now but no-one will give us a re mortgage to consolodate the debts as they do not count working and child tax plus child benefit as income but IVA peeps do! how ridiculus! So even though we would like to cover our debts with a remortgage we seem to be forced into an IVA even though we have equity in the property??

We dont want to be struggling for 4 years in an IVA then be forced to remortgage anyway to cover the debt in full and more on top when we could remortgage now and not struggle for 4 years, its so frustrating

Any advice would be appreciated

Will a subprime lender not re-mortgage for you? It would mean higher interest rates & repayments I would think, but may get you out of your dilemma? Im no expert in mortgages though, so Im sure an expert will give you better advice.

Just to let you know there are lenders that will lend to you in these circumstances and allow quite large income multiples for you.
They will look at your case on it`s own merits and then agree an interest rate for you. Hope this helps - Tony

Anyone have any reccoemndations who i should try? I dont want to leave one debt problem to get into another with a bad company.
thanks

Tony is a mortgage broker - seems to know his stuff and a broker will be able to get you the most appropriate deal ???

Might be worth contacting him outside the forum so he can give you best advice ??

Hi
Tony,s contact is antony.parsons@btopenworld.com.
If your equity is greater than your unsecured debt then an IVA will not be available for you so fingers crossed for the remortgage.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp