Mortgage eligibility

[Hannah.gd]

Hi all,

Looking for some advice about getting a mortgage while in an IVA. I'm married but solely own the property myself, husband and children live in. We have outgrown it and really need to move ASAP. Ideally before the end of the IVA, which will be Juky 2019 (6 years, started IVA July 2013).

I heard somewhere that it maybe possible to get a mortgage while in an IVA via the governments help to buy scheme?

There is a good amount of equity available in the property £15k, could be double if unsuccessful in having to remortgage at the end of the IVA term in Juky 2018.

I would be grateful for any advice.

Thanks

[lifenoteasy]

Even if you could remortgage it would require the permission of your ip.

They are unlikely to agree and should you sell would require the majority of the equity to go to creditors.

[Lisa Thomas]

Hi Hannah as far as I'm aware you won't be able to get a mortgage until your IVA has finished AND 6 years since its start has passed. Ryan and Shaun are the mortgage experts on the forum who can give you specialist advice.

[Hannah.gd]

Thank your for your reply.

I do already understand I would require permission off my IP to remortgage or sell. I am also aware that the majority of the equity would need to go to creditors if I was successful in remortgaging / selling. Because I'm married my husband would be entitled to half of the equity in the property I own, as mentioned above approx £15k. The other £15k would go into the IVA.

My question is about eligibility for a mortgage and information and advice regarding the governments help to buy scheme. Do you have any information or advice on this please?

Thanks

[Hannah.gd]

thank you for your reply Lisa, very much appreciated

[Lisa Thomas]

You're welcome - I don't think you will be eligable for any type of mortgage - but best to check with Ryan or Shaun for specific clarification.

The usual procedure is to prove to your IP that you cannot remortgage and that the year extension will therefore apply.

After this period has passed/been paid and the IVA closed you are then free to do what you like with your property and the £15k equity.

Alternatively you could use 3rd party funds to offer to pay the remaining payments to settle the IVA early.