I have 57 payments left on my IVA, trying to downsize, no mortgage repayment in place.

[David.n]

I have 57 payements left on my IVA,Im trying to downsize my property only having about £30000 equity our age is 66 & 62,my mortgage lender will not help,any idears or advice on lenders,applied for council house,turned down,applied for shared housing turned down,motgaged finishes in seven years time with no repayement in place,Thanks

[Foggy]

Whilst in an IVA you will not get a mortgage anywhere and with no repayment plan your current lender is unlikely to agree to port the mortgage -- which is a slim chance at the best of times.

[lifenoteasy]

What were your total debts? That might be factor in helping to get a fuller response.

[Adam Davies]

Hi

If you sell your property whilst in an IVA you may have to pay over any equity into your IVA. Your creditors should however allow you to retain enough to secure rented accommodation though.

It may well pay to sit tight until your IVA is concluded and then look to sell and move into rented accommodation at that point

Regards

[Michael Peoples]

I agree with Andy. It is likely your IVA will run for six years as remortgages are very difficult to obtain and given your ages this will be even harder. Once the IVA is over you could sell and use the equity in retirement and this will be before the time comes to have to sell anyway.

[Shaun Vickery]

I'm afraid to say that without a significant deposit to put down, there are no lenders I am aware of who would consider a mortgage whilst you are in an IVA. Certainly there are none who would consider an interest only mortgage under the circumstances. In any event you would need the approval of your creditors/IP which may be unlikely. I'm afraid there may not be an ideal solution but you may be best, if you are able, to complete your IVA and then consider your next move.