www.iva.co.uk

I have been in an IVA for 18 months and have a property, with little equity, if any. Would I be allowed to rent it out to move closer to my work (to rent) to save money, as long as I continued to pay my mortgage?

Hi, welcome to the forum. Have you run this by your IP. It would make sense as may even free up more disposable income for the benefit of your IVA. Worth discussing with him/her.

maybe one small probleeem any prospective landord may run a credit check on you and I think you'll find it your current address is black listed not you (can anyone tell me if that is correct)?

I always believed it to be the person not the address (but stand to be corrected) so therefore renting (unless private) may be a problem for the poster.

I saw on another thread a poster with an IVA moved and did a credit search on herslef at the new address and the IVA had gone! when checking the IR of course she's still registerd at the old address?

So since then it's been on my mind, just not had the time to google it anyone out there know?

Maybe TheMatrix can comment as he's a bit of an expert when it comes to this kind of query.

I assume the property is mortgaged? If so, the other significant issues that you need to consider are that you will usually either need permission from your mortgage lender to let the property long-term (eg: more than 6-Months in the case of my lender - Halifax); or

have to remortgage the property on a suitable buy-to-let product.

The odds of getting a BTL mortgage are remote, so I hope you have a sympathetic mortgage lender.

I had a similar thought earlier in the year - my mortgage provider, A&L (now Santander) wanted £95 per annum as I wouldn't be living in the property any more.

You also need to consider if you need a deposit + a month's rent in advance - difficult to accumulate if you're in an IVA.

Gary