Hi all. I'm entering year 3 of my iva and have a few questions I hope you can you can help me with. Firstly we are home owners and had our 1st child in year 1. However our house is too small for our needs now.I presume we have no chance of getting a mortgage (currently with halifax and had additional borrowing before iva)what would be my options if any? and the other question is that our house is to be re-mortgaged in year year 5 and profit goes into the iva - would we even get a re-mortgage and how would this leave us at the end as we already have borrowed 90 % of its value before we had to enter the iva..thnaks for your time.
Hi, if, when the time comes, there is less than £5k equity the house will likely be written out of the IVA (assuming your proposal is Protocol Compliant). As you rightly surmise, it will be unlikely that you will be able to remortgage in any event. In which case the usual remedy is to extend the IVA by a year.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You are unlikely to be able to remortgage either for your IVA or if you decide to move.
You may find that your IVA continues for another year if you can't remortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Are you both in the iva or is it just you? If your other half isn't, he may have a chance of getting a mortgage. As with any big decision, it's worth a call to your ip to hear what they can suggest.
Unless there is a good deposit, Kevin is unlikely to be able to get a mortgage anyway, especially if the mortgage is in joint names. They would need a good deposit.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Mortgages are a mine field. Unfortunately its unlikely that you could get another mortgage from a different lender, I don't know where you would stand re your existing mortgage lender though I would think that unless you were only transferring the existing outstanding amount to another home that you would not get further extended credit until such time as the end of the IVA.
We moved when our DD was 2.5yrs because we were in the same boat.
