Am I likely to need to obtain quotes for a remortgage? My IVA will pass the 54th month stage at the end of January and as per my terms my home will be valued at that point. What I am confused about is the £5000 rule in so much as in January I will still have over £5000 to pay from my agreed claims, though on my current payment schedule by my annual review date (and month 60) at the end of June there will be £4700 left to complete my IVA. As I understand it you are not expected to remortgage if there is less than £5000 to be realised this way but is that based on your annual review date or valuation date? I do have the extend by 12 months clause also and would completely satisfy the IVA within this time (I would only need 10 months) so would it be worth me proposing to not revalue and pursue this and keep the revaluation fee in the IVA as funds or creditors (the valuation is to be arranged by my IP)?
Approach a local estate agent to obtain a valuation and then speak to a couple of whole of market mortgage brokers about the possibility of a remortgage if you have more than 15% equity.
The calculation will be based upon the value of your property and the amount you owe to the mortgage company. If your IVA follows the terms of the IVA protocol, you will not be required to raise money if the amount of your mortgage less 85% of the value of your property is less than £5,000.
