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Struzzo39

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Post by Struzzo39 » Tue Aug 17, 2010 7:44 am
Does our current mortgage provider know we are in an IVA? Considering downsizing our property, but dont want it that they say we cant do this as prob our LTV will increase and then they put our current interest rates up instead? Hope this makes sense.
Steven & Debbie
 
 

kallis3

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Post by kallis3 » Tue Aug 17, 2010 8:27 am
Yes, your mortgage provider will know that you are in an IVA as the IP will have written to inform them once it is approved.

How it would affect you downsizing, I don't know.
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.
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MelanieGiles

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Post by MelanieGiles » Tue Aug 17, 2010 9:21 pm
If you are downsizing your property, why do you feel that the LTV will increase? I would have thought it would be the other way round?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Struzzo39

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Post by Struzzo39 » Tue Aug 17, 2010 10:18 pm
We hopefully would pay all into the iva to pay it off and then the remainder on the dep for the new property so hence not being much to put on new house. Would it be difficult to obtain the credit? Its all ifs and buts at the min. Might help if my hubby would agree on the move first lol
Steven & Debbie
 
 

kallis3

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Post by kallis3 » Tue Aug 17, 2010 10:54 pm
I think it would be difficult to get credit, and you would need a hefty deposit.
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
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