Mortgage and clearing my IVA

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

tracy376

User avatar
Posts: 1
Joined: Sat Apr 04, 2020 1:36 pm

Post by tracy376 » Sat Apr 04, 2020 1:36 pm
Hi my father has passed away and left me 2 property’s one of them he took equity release on
I have an Iva of just under £5.000 pounds I would like to try and get a mortgage of around £180.000 so I can pay off the equity release and my a v I And be able to then rent that property out to pay the mortgage the house in question has been valued at £225.000. Pounds how likely would I be able to do this

Foggy

User avatar
Forum Expert
Posts: 31255
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Apr 04, 2020 3:27 pm
Probably not very likely ( at least at high street rates) until the IVA clears from your credit records. I would suggest a chat with Ryan or Shaun, who are both experts in mortgages.

Their contact details can be found in their profiles here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
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

luluj

User avatar
Forum Expert
Posts: 10908
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Tue Apr 07, 2020 12:21 am
Sorry to hear of your dads passing.

You will always owe the full original balance of debt plus ip fees and possible statutory interest.
Once this has been paid, certificates of completion received, and your credit file amended to show final payment, access to a mortgage would be a more likely option to trying whilst iva still in payment.

As foggy suggests chat to our experts Ryan and or Shaun to see what options you have.

Please note there business hours may be different during the pandemic and may currently not be operational.
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"
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”