We have just received our equity release letter as we now have 6 months to go with our IVA. Can you suggest any specialist brokers we could use for our remortgage quotations? I've tried searching and gotten lots of results though cannot find anyway to discern which of these are reliable and which are potentially scammers.
We got an estate agent to value our house a year ago so we would have a rough idea as to where we stood. We were valued at £100-£105k and the market is pretty static here. To redeem our mortgage is £76k whilst based on accepted claims and payments made to date there is only £7200 outstanding on our IVA so we should be able to settle in full and remain below the 85% LTV threshold, so we are really keen to try and approach a broker/mortgage provider who may be successful for us.
I am also confused about the valuation side of things because our IP has asked us to get the house valued yet last year the told me they would organise a professional valuation as an estate agents one wasn't acceptable to them. Can you please give me advice on this? We are with McCambridge Duffy.
Is the £7200 the remaining amount of the original debt you had before the IVA was agreed or the amount left of the IVA? if it's the latter, you will still have to try to remortgage to the full 85% of the equity you hold as you always owe the full amount of debt until the IVA concludes and any remaining debt at that point is then written off.
Having said that, in the current market it is impossible for people in an IVA to remortgage so all you need is a couple of letters from possibly your current lender and one other along with your valuation. You will probably have to extend for a further year in lieu of the equity that cannot be realised
You will need to get an up to date valuation done.
We have just done ours and approached our mortgage provider and our secured lender to see if we could remortgage. As expected, both said no and our IP was happy with this.
I can't see why your IP isn't happy for an estate agent one - they are professional and all the company would do is send round a local agent.
Do speak to your IP again to see how things stand.
There is a poster from McCambridge Duffy on here so hopefully he can pick up on this. If not, you can always contact him via his details under the 'Ask Experts a Question' link on the left hand side of the page.
It's the amount of original debt including all interest etc.
we do have the extension modification in our agreement, but would really like to avoid extending as we want to start fertility treatment ASAP - we have already had to wait nearly 5 years, and being the wrong side of 30 years old every extra year significantly reduces our chances of success. Hence why we are extremely keen to carefully research and maximise our chances of a remortgage. I have found a few sites that claim to do 85% LTV IVA remortgaged for full and final settlement just want to make sure I'm trusting the right people.
Have a word with Ryan (contact details in his profile) our resident mortgage expert. If he can't place a deal he might well be able to say "yay or nay" regarding the companies you have found, he might have heard of them.
Other than that have a word with Michael Peoples, our McCD poster ... I have in the back of my mind that he might know of a reputable company which might be able to assist.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
...just as an aside .... nearly 7 years ago we were just about to embark on fertility treatment (had our "bits" prodded and cells counted and were waiting). We were also half way through an adoption course ... and ... guess what happened ... missus goes to Doc's, feeling sick, and it turns out nature had taken it's course !
Best of luck to you and your other half.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Kelly. I hope you received my email and everything is clear. We do accept local agent's valuations but we do not accept online valuations from the likes of Zoopla or Mouseprice. Let us know as soon as you have a valuation and we can then assist you in the best way forward.
