www.iva.co.uk

IVA cleared this year with help from family to avoid 6th year and loss of equity. Mortgage finishes end October 2016. Still owe about £75,000 to bank for second mortgage. House been up for sale to clear debts and hopefully collect the equity about £40,000..sale slow but buyers interested. If the Bank wont help me extend mortgage I may VERY reluctantly have to turn to " instant house buyers" .com..any advice as to which of these firms is the best of a poor lot please? I know we will lose most of the equity but I want to plan in front. Thanks in advance.

Hi,

Afraid I have no idea on this one - I think they are all pretty much the same.

Can you try the companies who do the lifetime mortgages which mean you can stay in your home and also have cash to pay off your mortgage?

The only thing you can do is shop around I am afraid. Or, rather than lose a chunk to these types of businesses, you could take a smaller hit for a fast sale price with the agent -- tell the interested party that you want a fast sale and are prepared to reduce by a set amount (say knock £5k off) only if they proceed quickly.

But, first port of call will be to speak to the bank -- I would hope they will extend, at least long enough to facilitate a reasonable sale. After all, it will cost them nothing and offer no higher risk than at present -- whilst all the time increasing in value as security.

Most banks will extend to allow a sale and perhaps you may get a year. If so your credit file could have cleared up and depending on other circumstances you may even be able to get a remortgage.

I agree with Foggy that your bank is the first port of call and then possibly a mortgage broker such as Shaun Vickery who posts here.

Thanks everyone for advice..spoke to the mortgage company today they have given me a year on interest only to find a buyer..much relieved..just need to find one now!!

Good news.

That is good news and this should help get the best price. You could still consider the remortgage option if you genuinely wanted to keep the property as I am sure the bank would grant a further short extension if they knew the money was coming.

If you do sell then your credit file should be cleared up by then so hopefully you can source a new mortgage if that is what you want.

That's great news and hopefully you can get a buyer.