I am due to complete an IVA in a year, I am concerned about this equity in my house clause...what does if mean? And we are looking to move house as soon as the iva is finished. Will we be able to do this?
The answer to your question largely lies in the requirements of your IVA towards equity release. It is usual for homeowners to have to get their property revalued in the final year of the IVA, and then look to raising some additional capital subject to limits of loan to value and affordability.
Without knowing the specifics of your arrangement it is difficult to respond in any depth, so can I suggest you arrange to have a chat with your IP to get things clarified.
The end of an IVA should not necessarily prevent you from selling and moving, but if you are looking to obtain a new mortgage your credit file may limit the options available.
