Hi, my hubby has an iva (in second year now) and we are looking to downsize our property, decrease mortgage in length and amount, pay a 50% deposit from the equity and also clear the iva. We are wondering how likely our mortgage company (Santander) are to agree to this and then also, how the iva gets paid etc. Has anyone any advice to offer or has this happened to you? Tia
Santander would be your only realistic chance and by reducing your mortgage balance you reduce their risk. Speak with them first and if they agree you can then decide what to offer creditors to close the IVA.
I agree with Michael in that you will have limited options of gaining a new mortgage whilst the iva is still going.
Another option is to sell, pay off your iva and rent for the period of the 6 years where the iva will remain on your credit files. Save the equity from the property and then act once it is removed with the help of a mortgage broker expert such as Ryan or Shaun who have vast experience of helping people with past iva's.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
