We are currently 2 years into a 25yr help to buy mortgage and it looks likely that an iva is our only way out of about 20k of unsecured debt. The htb repossession triggers include "bankruptcy" but an Iva is not bankruptcy according to my research. I know mortgages are protected during iva's but I'm worried that it would trigger repossession on the help to buy equity loan side. Please can anyone answer to put my mind at ease. Thanks.
IVA and BR are not the same. I would suggest you speak to am IVA company (one of the smaller ones) for some help and advice.
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
As the others have said, I would speak to an IP who can look at the whole picture in depth. Much will hang on the HTB lender's definition of bankruptcy. Does the HTB paperwork have a schedule of definitions ?
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