my mum recently passed without a will, i would like to take on her property but she has an equity on it, we can get another lifetime mortgage to cover hers but the company want mine and my husbands iva settled before they go ahead, we have paid 1 year into our iva which started off at approx 15000.00 with payments of 150.00 per month. ive approached my iva people and to settle the account they want almost 20,000 which i dont have i can offer about 8000.00 which is whats left from my mums bank account after bills and paying my brother. if i cant settle this iva i cant have my mums property. ???
I am afraid that an inheritance is due to be paid into the IVA and creditors would expect to get the £20k quoted, either by equity release, or by the sale of the property.
I don't know if this is possible, but you could find a lender who will work with your IP and lend an amount to cover the existing mortgage and, on top of that, an amount to clear the IVA --- it is a long shot, but maybe a word with Ryan or Shaun could help --- they are both whole of market brokers with vast experience in dealing with IVAs.
Their contact details can be found in their profiles here:
Hi Kenmar,
What Foggy has suggested may be an option, but without knowing all your details I cannot say.
It could be easier than equity release also, as a mortgage company would allow you to borrow to clear the IVA also.
I presume you have told the IP company that you have inheritance plus a house, which is now why they are sticking out for the full amount and being unhelpful?
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
the lifetime mortgage available to us is for the full amount of my mums equity we cant get anymore also we live in the property but its in mums name. if it was sold there wouldn't be enough for us to buy a property so we would be homeless.
Hi,
As i said without knowing your full circumstances i cannot offer advice, but what i am saying is there maybe another mortgage company who will offer you more.
At this moment you have no solution, so it is worth getting in contact to discuss in more detail, i would be happy to look in to it for you.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Hi Ryan , i dont have a house , im just living in my mums, i have a year to pay off the equity and therefore own the house or sell it. what else do you need to know,
