Good afternoon,
I have been in an IVA for 4 years now and my LLP has requested the house valuation and remortgage offers. My house is valued at approx 115000, and I owe 93000 on my mortgage. Realistically how much capital should I be able to release from the house by way of the remortgage, and can I be placed in a worse position as I am still fortunately with a high street prime lender for my mortage. I guess what I am getting at is if I remortgage it will be to a sub prime lender and the payments will become unaffordable.
It is highly unlikely that you would get a remortgage with any lender so you should be fine. It is probable that you will have to extend your IVA by a year and while this may seem harsh it is certainly preferable to switching your mortgage to an adverse lender.
