www.iva.co.uk

My husband and I have separate IVA with different companies when it finishes in five years time I will be 63 and my husband will be 65 both of us are not able to work as we are full time carers for our 2 disabled sons we have an Interest only mortgage we may have a small amount of equity in the property we bought the property for £112.000 and still owe £108.000 we will have to re-mortgage the property as with us both not being able to work and us having an interest only mortgage I don’t think any mortgage company will do a re-mortgage for us plus with our ages, We tried to re-mortgage to pay off our original debts before we took an IVA and were told as we had massive debts a interest only mortgage and not much equity in the property we were not allowed We were not even allowed to switch on to a repayment mortgage What will happen at the end of five years will we have to get a valuation and will we have to ask our mortgage company about a re-mortgage will we have to prove to both companies that we can’t do one or will we have to sell our property thank you for your help

First you will need to show that there is more than £10k (£5k for each of you) equity. If there isn't then the IVA will end at the 5 year mark. If there is you need to jump through the 'attempting to remortgage hoops' -- it is likely that you will not be able to remortgage, as things stand ( but this might change over 5 years or so) and then the IVAs will be extended by a 12 extra payments instead.