Moving house

[tele2002]

Hi all, IVA doing well and things are hopefully looking up.

So I have a question about if I wanted to move house, has anyone done it when on an IVA. There is a clause about equity release on my IVA from my property at year 4 and what about the mortgage, can you get them, would my current mortgage supplier let me just move the mortgage???

I'm completely lost here and really want to move out of my flat and into a house.

Please advise.

[Choice1]

If you are buying for same price or downsizing Your mortgage provider would probably let you just move the mortgage.

If you want to buy a more expensive property you would struggle getting extra funds.

[Struzzo39]

Not sure on this one myself but its something i've wondered about too. as i'm interested in down sizing but hubby not as keen. Does anyone know if u have enough equity to pay all of do u pay the ip in full or do they just take a percentage of the fees and what if there is not enough to pay off in full to the creditors what happens then?

[Adam Davies]

Hi
If you can pay your original debts and IP fees to date then your IVA will end. If you can part pay then you will continue with monthly payments until the end of the five years or until your full original debts and IP fees are paid if this is earlier than the five year point.
Regards

[Struzzo39]

Thanks andy for the advice its good to know x

[tele2002]

What if the new house is of similar price (if slightly cheaper) and the moving fees ate up any equity etc for instance if I sold my flat for 165k and bought a house in a cheaper area for 155k the fee's would probably come in around 10k, so really like a straight swap, but the mortgage outstanding is 130k which would effectively still be required on the new property... or would the 35k have to go to the creditors????

[MelanieGiles]

You really need to discuss this with your own IP who has detailed knowledge of your case and can advice in greater depth than we are able to on the forum.