we are in an iva with about 2.5 years to run. We have an interest only mortgage with an outstanding balance of £149,000. Estimated market value of property is £200,00. Can we get a lifetime mortgage and clear the iva etc.
Thank you
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
Kallis -- it's a form of equity release, secured on the property and repaid on the demise of the last owner.
Brian, I would suggest a chat with Ryan or Shaun, our mortgage experts. Secured lending is a possibility but has longer term ramifications than allowing the IVA to run it's course. It could well be, however, that, under the terms of your arrangement you might have to release equity towards the end in any event.
Ryan and Shauns details can be found under the "Ask a Question" tab (top left) and scrolling down to the experts details section.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
Why would you want to! The key point of your IVA was probably so you could keep your home.
Your best option is almost definitely going to be to prove you can't remortgage and get a 12 month extension of the IVA contributions instead. That way once your IVA is completed the equity in your home is all yours...
