I owe around 10,000 of iva left to pay
( and just going into the 5th year , of 6 )
Can I pay it off and port my mortgage?
My partner wants to get a mortgage and add it to mine.
It's with the Halifax
I don't want to personally ask for more money on my mortgage .
But end up having both names on Mortgage ( at present its in my name only )
Is this an option for me ?
With the current equity you will be looking at an extra 12 payments at least, so be prepared to be in the IVA a little longer.
Ideally I want to sell my house at the same time as pay off what I owe the iva...
My partner want to sell his house at the same time ....
At the same time port my morgage ...
So I'm assuming this is not an option you say ?
We would have around 100,000 for a deposit between us....
Would I be better to get advice from a morgage company that deals with it ?
You will need to include the extra 12 months unless your payments / settlement cover the full original debt, plus fees and possible statutory interest (NOT just payments agreed under the IVA).
There will likely be a restriction on the property due to the IVA so you won't be able to sell it without your IP finding out and having to give consent.
You could put forward a variation offer to creditors to sell the house ONLY if they accept the variation and you use some of the equity to pay the remaining contributions (including the 12 month extension) that would have been paid in had the IVA continued in the normal way.
The IVA will likely be extended for 12 months in lieu of the equity in your house - have a look at your terms.
You might find this video useful to understand this:
For mortgage advice speak to Ryan or Shaun on the forum. I suspect you will struggle with this unless and until your IVA is completed, you have your CC, you have come off the IVA register and the 6 year anniversary has passed.
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