Hi hokeydokey and welcome to the forum
Yes this is possible, but be prepared to give up equity at the end of your arrangement which may be substantial on a right to buy mortgage as you will be out of the clawback period by the time the IVA concludes. You will usually be required to obtain a re-mortgage based upon 85% of the property's value, and then introduce these proceeds, less the value of your current mortgage as a contribution to creditors. It may be worth therefore looking to see whether a three year IVA might be more appropriate for you. What do you think that your property is actually worth, and how much will the Council let you buy it for?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
