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Posted: Wed Feb 18, 2015 3:41 pm
by Raymonddm23
if i own a property with a mortgage can I still arrange an IVA and how will the property be effected
Posted: Wed Feb 18, 2015 4:33 pm
by Foggy
Hi, yes you can, provided everything else suits and it is the best solution for you.
You will be required to attempt to release equity in the final year, possibly extend the IVA by 12 extra payments, if this is not possible.
Some, newer, arrangements might require equity release by means of a secured loan, but this is not universal and should be discussed at length with several companies.
Posted: Thu Feb 19, 2015 10:58 am
by seagulls
It is very common for people going into an IVA to have a mortgage . Ours was not affected although the one restricting factor in and after an IVA is that you are not able to get another mortgage or extend the mortgage or even move house and take the mortgage with you.
Posted: Thu Feb 19, 2015 11:06 am
by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by seagulls
It is very common for people going into an IVA to have a mortgage . Ours was not affected although the one restricting factor in and after an IVA is that you are not able to get another mortgage or extend the mortgage or even move house and take the mortgage with you.
I might add that the above is not a permanent problem and time does heal the situation, although the IVA will be a blight to some lenders.
Posted: Thu Feb 19, 2015 11:10 am
by seagulls
Thats true Foggy and I know there are specialist lenders who post on this forum that will help.
Posted: Thu Feb 19, 2015 11:21 am
by lifenoteasy
Plus age as well which seems to be a major factor for lenders at the moment - 50+ seems to be an issue.
Posted: Thu Feb 19, 2015 11:49 am
by seagulls
Thats me ruled out then !