Morning,

At this stage of home ownership you really will need formal advice as clearly there must have been some issues to end up within an IVA whilst on an interest only mortgage.

Are you saying for you to sell and buy without a mortgage you will require permission from your IVA firm and that you wont hear until the 15th?

It is essential you know the remaining term on your interest only mortgage, as this may determine some of your potential solutions..

Hi, sorry to hear this although it is positive you have 3 years left to finalise your plans.

Will the equity provide enough funds to repay the IVA and purchase the house?

By 3 years time you may well want to consider (and take formal advice) on your Equity Release options (typical options are from when you turn 55) although formal advice is the way forward.

All the best

It may be worth you googling "Equity Release" or "Later life mortgages" in advance of taking formal advice on the matter. These are specifically aimed to solve some of the issues you may be facing but entrance into these is typically from 55 years of age.

The solution of selling up and buying outright could still be the right solution so long as the IVA company accept these terms, as sale of asset will certainly be a trigger event for them to understand and potentially wanting some of equity. You are right to research this firstly.

You are mis-interpreting what I am trying to suggest. There are potentially financial options for you, but you need formal advice as not something we can suggest on a public forum (hence my suggestion to Google)

What you are trying to undertake is potentially achievable, but you have to follow a process and understand fully all of the variables.