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hi i am just about to conclude my 2nd yr IVA with Budsworth & Co. I haven't got my details to hand but I think i owed about £90k and the IVA was for about £37k. My question is can i remortgage as my house is worth about £142k and I have a mortgage of about 85k. My proposal was that I had to raise £15k in the 4th yr. I have paid one yr at £500 and the 2nd yr at £350. I am having cashflow problems and want to release this equity and do a full and final. I cannot get a straight answer from Budsworth at the minute so was wondering if you had any answers.

Hi Sally and welcome to the forum, to remortgage you will need the permission of your IP/creditors

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I think the best thing to do is request a full and final redemption figure from your IP and then you can attempt to source the funds through a mortgage broker.


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Oliver

Thomas Charles and Co Ltd.
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Hi
It is always difficult to offer a full and final by way of remortgage when you have the final year equity clause.However if the 15k figure is set in stone then you have a good chance
Check your chairmans report and find the exact wording regarding your equity release
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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