Hi I am currently in an IVA, looking to upsize using equity as a deposit.

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Phill.w

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Post by Phill.w » Sun Oct 26, 2014 11:59 am
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Hi I am currently in an IVA, I'm a home owner and am wanting to upsize due to a new addition to the family. This would mean gaining a new mortgage but using the equity in my current property for a deposit. I am 2 years in to the IVA what would be
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seagulls

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Post by seagulls » Sun Oct 26, 2014 1:49 pm
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It is not possible to get a mortgage whilst in an IVA. There is usually an equity clause in the IVA to restrict you selling the house and taking the equity out of it .Sorry its not better news for you !
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ilikewatch

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Post by ilikewatch » Sun Oct 26, 2014 1:49 pm
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I doubt the terms of your IVA would allow you to take on another mortgage even if you could find someone who would lend to you whilst in an IVA.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
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luluj

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Post by luluj » Mon Oct 27, 2014 5:26 am
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As others have said it will be difficult to gain a mortgage while the iva is in place.
Have you thought about renting your current property out thus retaining current mortgage and renting a property for you and your family in the area you are looking at ?
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Ryan

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Post by Ryan » Mon Oct 27, 2014 12:19 pm
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Hi,
The advice you have been given is correct, no one with give you a mortgage withslt you are still in an IVA.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page
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Imhotep

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Post by Imhotep » Mon Oct 27, 2014 1:59 pm
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Upsize as in move or extend?

Bear in mind a caution will have been placed on your property.
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