question category: IVA

IVA

Submitted on: 26th Feb 2009 by Non-Member | Total Answers: 1

I am looking to move away to change my job. I have an IVA. I want to rent my house which I live in, and rent a new place near my new location. Two things. Will I have trouble with my mortgage company changing my straight re-payment mortgage to a buy to let one? And, how will this affect my IVA in regards to a second income etc?

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IVA and second home

You'll need to talk your plans through with your insolvency practitioner and get their views on your plans. Getting a mortgage is tricky right now for people with good credit ratings. Your IVA probably means you credit rating is poor and any new mortgage is going to be relatively expensive. With regards a second income, this is something to talk to your IP about again. One thing they will definitely be interested in is the equity you have in your home towards the end (circa year 4) of your IVA.

 

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Submitted on: 28th Feb 2009 by TA Member

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