Hi, We are nearly at the end of our 3rd year in our iva, total of 5 years altogether. I am in the middle of having my name put on the land registry for a house myself and my half brother have been left, not trough a will, but it has automatically come to us as we are next of Kin. My question is could I lend against the property once its all complete and pay the iva off? Or will the Iva company expect us to pay more money back each month??
It would be a windfall but if you can take a mortgage against and clear the IVA this may well be acceptable to creditors. As Andy says chat it over with your IP.
I will phone my IP once I have spoken to solicitor and sorted deeds and land registry out. Do you think it's likely I could get a mortgage against the property given my credit history?
Also could you tell me if it would be possible, if I were able to borrow against it, to pay all out debts off and move overseas?? That really would be a windfall...
Perhaps the other beneficiary could buy you out and once you clear the IVA you could be off to wherever you like. Have a word with him too as he may want to keep it or you both could sell it.
I have thought that could be an option, however my half brother is younger than me, he will be 19 this December so chances of him buying me out are slim. Perfect solution though.
It might be worth having a chat to our forum mortgage experts ...Ryan or Shaun. There contact details are under the ask the experts section on the left or via the members list A-Z.
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