Remortgage to a pensioner on a IVA

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by tony154 » Mon May 22, 2017 11:44 am
I have been in iva [GT/Apature] for nearly 4 years. debt of 29,500 paid over 7,000
so far got 2 years to go and then expected to get remorgage on home. as i will be
65 this week and on pension only by then, who is going to give remorgage to a
pensioner on a iva. will cash work pension in to pay of most of debt. will i still have to pay
balance.[does cashing in pension count as windfall?]
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by Ryan » Mon May 22, 2017 11:52 am
Hi Tony,

Some Lenders will currently offer Mortgages using just pension income, subject to their affordability calculations. That may still be the case in a couple of years time when you are looking to re-mortgage.

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Michael Peoples
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by Michael Peoples » Mon May 22, 2017 12:23 pm
Be very careful about cashing in a pension as this could affect your income through retirement. If you cash it in it could be grabbed unless you have prior approval to do so. You could use some as a full and final offer as it may be difficult to get a remortgage and creditors may well be happy with the early money.
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Shaun Vickery
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by Shaun Vickery » Mon May 22, 2017 5:13 pm
The fact that you will be drawing a pension wouldn't, in itself, prevent you from being able to obtain a re-mortgage but of course it will depend, amongst other things, on what your income will be once you retire and whether this is enough to support the mortgage repayments.
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by Foggy » Mon May 22, 2017 5:22 pm
I would look at drawing a lump sum to make a full and final offer ( not a settlement -- that is a different thing). But you would have to get creditor agreement first, otherwise it could be seen as a windfall.
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