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Posted: Tue Jun 03, 2008 10:23 pm
by david.p
Hi My name is David
I am looking at remorgaging in Nov 08 to get another deal as my fixed rate ends at the end of the year and it goes up another £100 a month. If i remorgaged am i allowed to get extra money from that remorgage and pay of my iva in f+f or not
Posted: Wed Jun 04, 2008 7:50 am
by nic_1
Hi i did that last year. It took a while prob longer than i expected (but think it was fault of my mortgag company) but i have just received my certificate of completion, a lovely feeling!
Posted: Wed Jun 04, 2008 9:16 am
by ianmillington
Hi David
It depends on a number of factors for example
How much you can release
How the proposed full and final will compare with the original promise.
The circumstances in which you are proposing the full and final. For example, if it's simply that you would like to close the IVA early to get it out of your hair, your creditors will be less likely to write more money off than if the F&F is because you are struggling to make the payments.
I recommend you bounce the idea off your Supervisor, sooner rather than later.
ian
Posted: Fri Jun 06, 2008 2:04 pm
by Andrew Graveson
Hello David,
Please be aware that the mortgage market for those in IVA's is pretty awful at the moment.
There may well be improvements prior to your mortgage deal ending but as things stand the rates available are much much higher than they were several months ago.
If you do decide to go for the full and final option be certain that your new mortgage payment will be affordable for you.