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Posted: Fri Jul 27, 2007 1:38 am
by cvs
If I had an IVA and moved job resulting in having to sell my house and buy another. Would I be able to get another mortgage?
Posted: Fri Jul 27, 2007 9:25 am
by Adam Davies
Hi
Yes you would have no problem getting a mortgage whilst in an IVA[although you will not get High st rates] as long as your IVA is kept upto date and you have been paying for over 6 months.You will also need your IPs permission to move and would have to release none of your equity,presuming you have the fourth year equity clause.You would also need to keep mortgage payments the same or less than your current mortgage so that it does not affect the payments of your IVA.
A good line of communication with your IP is the secret.
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Fri Jul 27, 2007 10:30 am
by BlueShoes
Hi Andy,
How would one fund the cost of moving in an IVA?
When we moved into our current property we spent £6500 on legal, estate agency and removal fees alone. That was before we'd had several trips to B & Q/Ikea to buy paint/furniture etc!
Surely moving would be virtually impossible whilst in an IVA?
Blue
Posted: Fri Jul 27, 2007 12:43 pm
by Adam Davies
Hi
If your move was because of a job relocation or change then your IP would be smpathetic and would probably allow you to use some equity[may need a variation meeting].If you were moving because you fancied a change then it would be unlikely that your IP would allow it unless you funded the costs yourself.
All the above assumes that you have an equity release clause within your IVA.
regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp