Could I get a new mortgage and sell

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

danielle826

User avatar
Posts: 1
Joined: Thu Nov 07, 2019 5:42 pm

Post by danielle826 » Thu Nov 07, 2019 5:42 pm
Hi my question is if I have an active mortgage and two secured loans which are not part of the iva I have, my credit rating should continue to grow so would it be possible to get a new mortgage and sell my house while still on the iva plan as I'm already paying one and they can see it's still been paid along with the 2 secures loans would they still decline because there's an iva in place

Foggy

User avatar
Forum Expert
Posts: 29722
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Nov 07, 2019 5:48 pm
The IVA will destroy your credit rating and, if you did sell, all equity would be paid into your IVA, so you would have no deposit or money for legal fees etc. So it would be a no-go.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

User avatar
Forum Expert
Posts: 75123
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Nov 07, 2019 5:56 pm
Totally agree with Foggy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

luluj

User avatar
Forum Expert
Posts: 10619
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Thu Nov 07, 2019 7:09 pm
If you already have a mortgage and secured loans there will be restrictions on selling anyway. And as others say very unlikely you will be accepted for new lines of credit with the iva on your record.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Shaun Vickery

User avatar
Industry Expert
Posts: 849
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom

Post by Shaun Vickery » Mon Nov 11, 2019 10:54 am
What you could consider is raising funds through a remortgage or second charge in order to raise funds to make an offer of 'full and final' settlement to your creditors. If successful you would then be able to sell the property and keep any remaining equity. If you are hoping to take a new mortgage to buy a new house after that then your options may be limited but it's not impossible, depending on your other circumstances.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”