Ivà and mortgage

Get expert opinion. This is the place for new questions to be posted.
  • 1
  • 2
24 posts Page 2 of 2
User avatar
Foggy
Forum Expert
Posts: 26527
Contact
by Foggy » Tue Jan 30, 2018 4:04 pm
As your interest in the house appears to have been excluded (which I have to say is unusual) then your husband is free to do what he wishes with the inheritance and paying off the mortgage should pose no problem to your IVA.
User avatar
Karen.59
Posts: 20
by Karen.59 » Tue Jan 30, 2018 4:10 pm
Sorry Foggy can you resend last post. I've somehow deleted it. I was reading it then disappeared. Thanks for helping
User avatar
Karen.59
Posts: 20
by Karen.59 » Tue Jan 30, 2018 4:13 pm
Hello Foggy
Can you resend your last helpful comments. Got halfway through reading and it disappeared.
User avatar
Foggy
Forum Expert
Posts: 26527
Contact
by Foggy » Tue Jan 30, 2018 4:16 pm
This one: : As your interest in the house appears to have been excluded (which I have to say is unusual) then your husband is free to do what he wishes with the inheritance and paying off the mortgage should pose no problem to your IVA.
User avatar
Karen.59
Posts: 20
by Karen.59 » Tue Jan 30, 2018 4:58 pm
Instead of equity release I had to go a further 12 months added on which I agreed to
User avatar
Lisa Thomas
Industry Expert
Posts: 6776
Contact
by Lisa Thomas » Wed Jan 31, 2018 9:18 am
That suggests to me that the property is NOT excluded.
User avatar
Foggy
Forum Expert
Posts: 26527
Contact
by Foggy » Wed Jan 31, 2018 9:41 am
Lisa Thomas wrote:
That suggests to me that the property is NOT excluded.



The way I read it is that the 12 months was added on to the IVA at the start to negate the need to include the property (which, I have to say, is an unusual move unless there are circumstances of which we are not aware).
Possibly, at the inception of the arrangement, taking into account that the mortgage was interest only and the ages of the applicants, the IP had the foresight to see that a remortgage was going to be impossible and so tacked on the 12 months instead.
User avatar
kallis3
Forum Expert
Posts: 73280
Contact
by kallis3 » Wed Jan 31, 2018 9:42 am
I agree - it is usual for an extra year in lieu of equity.
User avatar
Lisa Thomas
Industry Expert
Posts: 6776
Contact
by Lisa Thomas » Wed Jan 31, 2018 11:22 am
Definitely needs to be properly clarified!
  • 1
  • 2
24 posts Page 2 of 2
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Ryan and 36 guests