I just started my IVA in May but have since got a new job and need to relocate. My partner and I need to use any equity in the house as a deposit. If I pay the iva with the equity we can't get a mortgage. If we move, we save on outgoings such as petrol and I will be able to pay more in to the iva. If I sell my house will it automatically pay off the iva? I'm very confused and unsure of what to do. Many thanks. Lisa
I love the light as it shows me the way but I will endure the darkness as it shows me the stars.
If you sell your current house, equity or not, you will not be able to purchase another for a few years. Have you considered renting out your current home and using the rent to rent another at the new location ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for the reply Foggy, that's a possibility. Won't I have to remortgage though to a buy to let and still encounter the same problems with being accepted? Halifax have said they will give me a mortgage if I am reducing the risk to them, I.e. reducing LTV and reducing the amount borrowed.
I love the light as it shows me the way but I will endure the darkness as it shows me the stars.
Ah right -- good for the Halifax --- a bit of sensible thinking there. You will need to discuss this with your iP -- but if you are basically transferring the majority of the equity there should be no problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
