lifetime mortgage

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robert264

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Post by robert264 » Sat Mar 23, 2019 11:57 am
My husband and I completed our respective IVA's almost 3 years ago. We are now considering a lifetime mortgage to release some equity from our property (we are mortgage free). Will our past IVA's present any problems with our application?

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kallis3

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Post by kallis3 » Sat Mar 23, 2019 12:26 pm
May not do - we did one a couple of years ago although we had completed in 2014. You could make an anonymous call to ask. Bear in mind they have control over your house.
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luluj

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Post by luluj » Sun Mar 24, 2019 4:40 am
I would take some professional advice before doing anything. Is this really what you want / need to do ...... are there other options ?
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kallis3

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Post by kallis3 » Sun Mar 24, 2019 9:17 am
Although you are mortgage free, the loan will have to be paid off if you die or go into permanent care which could leave less for your family. I would discuss it with them first.
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

Shaun Vickery

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Post by Shaun Vickery » Mon Mar 25, 2019 4:11 pm
Lifetime Mortgages are not my area of expertise I'm afraid but I'd be surprised if this caused too much of an issue, purely in terms of the nature of the arrangement. After all, if you aren't required to make any repayments, the assessment of your credit worthiness is a little irrelevant.
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