Will I need to remortgage on an IVA?
Under the terms of your IVA, if you have equity in your property, you may be required to remortgage six months before the end of the arrangement to pay a lump sum into your IVA.
Remortgaging to release equity to pay into your IVA is not restricted in the same way as taking out a new mortgage would be. However, it may still be difficult to find a mortgage company who will lend to you while you’re in an IVA.
If you can’t remortgage, or if it would be too expensive to do this, you may need to make extra monthly payments into your IVA, increasing the term by 12 months. You can also get a third party to provide money for this.
For more information about IVAs and for help on any other debt issue, please get in touch with us. You can speak confidentially to one of our debt advisors on our Helpline (free from all landlines and mobiles).