A question about : Need some advice, with regards to remortgage
I'm at month 54 of my IVA and have just been forced to lie to an estate agent to get a valuation because my IVA company wouldn't allow me to pay to get a standard valuation and told me I hade to lie to an estate agent saying I was selling to get a free one. Anyways sent that in with my mortgage redemption total and there is Ј38000 equity difference. I received a voice mail from my IVA company saying there was equity ,so they have contacted there sister company(Norton Finance) to arrange a remortgage as they have access to more mortgage company's. My question is do they have the right to do that? They PPIed me to a sister company 2 years ago and I was told I had no choice I had to. When I queried this I was told if I want to get some mortgage quotes as well then I have to apply for as much money as they will lend me over a term of 25 years. I get the feeling that I'm going to be forced into a 25 year mortgage at an obscene interest rate. 25 years takes me to 68. Any help would be appreciated. Thank you
Best answers:
- Whats in your proposal about the equity release?
I have never heard of anyone able to successfully obtain a mortgage while the IVA is live on credit file.
This then triggers a 12 months extension instead.
What I have been reading a lot of lately is a proposal for a stupidly high interest loan instead of a remortgage. - Norton Finance do not offer remortgages, but they do provide secured loans.
Which iva company are you with? DFD by any chance?
Check your iva terms - most say you must attempt remortgage, NOT secured loan.
If that's the case, tell your iva firm where to go.
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