I am 2 yrs into a 6 yr IVA and I want out. I am a home owner and am looking to release equity in the house to get rid of this albatross and Cruella De Ville (aka IVA Supervisor...)
Can anyone give me an indication of what kind of rate I'd be paying for a remortgage in my position and also could you reccomend any good honest brokers/ companies out there that aren't sharks? Would it be worth approaching my current Mortgage provider, RBS (No missed paymnts etc) or am I likely to be blown out of the water?
Cheers
Cheers
2007-06-14 05:13:21 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
RBS not part of the IVA, all clean with them. Just need rid of this millstone once and for all.
2007-06-14 08:57:51 · update #1
LTV at approx 60%
'Do-Able' at x 3.25 of my income alone
Just phoned RBS no one available to deal...
2007-06-15 05:23:12 · update #2
Just spoken with RBS, now waiting on their lending dept. The girl on the other end had no idea what an IVA was! Was given an extremely attractive quote, but somehow I doubt they'll go for it and I'll have to go with a sub prime lender! :-(
2007-06-16 23:29:06 · update #3
Well, this is where it gets intereresting...
When my IVA was agreed the s'visor slapped and extra year of payments on (making it a 6 yr arrangement rather than the normal 5) in lieu of equity in the house as I didn't have sufficient at the time. In the last 2 yrs proprty prices in my village have gone up at a rate which is so crazy that I now have plenty of equity! However, RB of S have just blown me out of the water so am gutted to say the least....
2007-06-20 22:22:34 · update #4
You should approach your mortgage provider as they will look at what you can afford and with a clean record it will show that you are not a problem payer. Also with The IVA it should show you have been making regular payments for two years which will boost your credit rating. Personally I would get a quote from a independent Mortgage adviser as well as they may have thousands of offers to show you. Realistically an independent person should be able to show you about 10 offers to suit your budget. Most companies these days offer fixed rates for one year on a low rate about 4-5%. I hope this basic outline helps.
2007-06-14 08:37:34 · answer #1 · answered by chicky 3 · 0⤊ 0⤋
Ask RBS first .. but if they are already part of your IVA (for example, they have frozen the Interest or are accepting reduced Mortgage Payments) they are not likely to be too responsive ... .
.... of course some cowboy lender will be only too happy to take you to the cleaners .. but you then end up on a really high Mortgage Rate & end up paying more than your IVA payments (and over 25 years instead of a 6 years)
2007-06-14 08:32:13 · answer #2 · answered by Steve B 7 · 1⤊ 0⤋
Hi, There are a few factors that would decide the potential rate you might get;
1. Loan to Value eg 85% / 90% you would be requiring
2. Your own income level ie are you looking for 3 x joint or 5 x joint etc
3. If employed or self employed / self cert
All of these would impact on the rate, as a rough guide you're going to be looking at around 7% give or take 1% and it is really as broad as that until all the 'details' are known.
A great company for this is Affordablemortgages.co.uk
based in Yorkshire although they operate across the UK.
2007-06-15 04:52:47 · answer #3 · answered by David F 1 · 0⤊ 0⤋
You should speak to your supervisor first as they probably already have plans for a remortgage. If not then you will need a specialist lender. Try www.debtadvicetrust.org they are a not for profit advice company who should be able to point you at a lender.
2007-06-18 18:11:47 · answer #4 · answered by Johnny 7 · 0⤊ 1⤋
mos def speak to royal bank of scotty
2007-06-14 11:11:29 · answer #5 · answered by mjammy1978 3 · 0⤊ 0⤋