No, as long as you keep up your mortgage payments your home should be dafe. However, it will be required at some point during the IVA to release some of the equity for the benefit of your creditors.
Whatever equity you might have (normally valued in the final year of your arrangement) then 85% thereof (subject to LTV) will need to be contributed into your IVA and if by way of re-mortgage then that payment cannot exceed 50% of what you were paying into your IVA.
However if you have currently no mortgage or a mortgage where your current equity is high - creditors might want something now.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
