So - let's say that in the final year of the arrangement your property is valued at £200,000 and you had a mortgage of £100,000. You would then be required to seek a remortgage for the maximum amount you could borrow. As you would still be in an IVA with an impaired credit rating, the maximum you can currently borrow is 85% loan to value, so you could borrow up to £170,000, pay off your existing mortgage of £100,000 and leave the remaining £70,000 for the IVA - assuming you needed that much to pay off your debts. I can't remember how much you owe.
These numbers may not be representative of your current position, but the principle is the same. And from my perspective, if I felt that a client could not afford to make the increased mortgage payments into the future, I would always seek a suitable variation, but that will be down to your own IP to decide on at the time.
Hope this helps.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk