www.iva.co.uk

hi is it possible to sell our home and move to somewhere else of equal value? its unlikely we would make any money at all on our current home but u can get so much more for your money now there are places for sale near us for cheaper . we are 18months into our iva . thanks

Hi Charlotte - you would need to have the permission of your IP and creditors to sell your current property and it is doubtful you would gain another mortgage whilst the IVA was active. Also how would you fund the moving costs - these can be quite substantial even for the basic solicitor costs, search fees and moving costs - I know your reasons for moving are positive, but you may have to hang fire until the end of your IVA and then look to move. No harm asking your IP though for their thoughts.

You would need to speak to your IP as they will no doubt have a charge on your house. They will probably want to know how you can fund a sale / purchase / move if you are not releasing any equity as any spare income you have should get paid into the IVA.

There is very little chance you will get a new mortgage on the new property at the rate you are on as you are in an IVA and have very little choice of lender and most charge a higher interest rate so whilst you could get a bigger house the running costs for the house / mortgage could be more..

Hope the above has answered your question but do talk to your IP too.

You may want to check the terms of your mortgage, we have a flex mortgage which means you can move properties without changing mortgage. This would reduce the overhead costs of moving but you would still have legal fees, estate agent fees, etc.

However, a payment break may allow you to cover these costs.

Isn't is also subject to a lending criteria and credit check - based on the new house. If its anything like porting your mortgage - you still have to undergo all the required checks etc

And you would still need your IP's permission