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iva
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panda 1
4 Posts
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1
29/06/2021 - 11:59 am

hello i am 53 and husband is 70 we have a iva been in it for 2 years iva is being funds paid to date as we speak will not know till 15 th june 2021 . we have a mortgage on our house which is interest only i work partime can not find a job at my age as all i know is cleaning low paid . we have found a house in same area mortgage free we dont think we would get a mortgage as my husband’s age against him he can not get life insurance please please help anyone on here please tell me right thing to do we know know we have to sell our house to get other one tell me which one i should go for ?????

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157 Posts
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29/06/2021 - 11:59 am

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..

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panda 1
4 Posts
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29/06/2021 - 12:00 pm

hi my husband fell seriously ill with heart bypass and we fell into debt have 3 years left on mortgage but can not see a way out as his 70 !!! we wish to sell and buy other house from sell of other house

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157 Posts
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29/06/2021 - 12:00 pm

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

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panda 1
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29/06/2021 - 12:00 pm

will we find it had to get mortgage as my husband will be 73 in 3 yrtime im 53 i thought by selling up and buying house with no mortgage would be better for us there is no guarantee of getting mortgage later on in life we are stuck l

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157 Posts
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29/06/2021 - 12:00 pm

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.

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panda 1
4 Posts
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29/06/2021 - 12:00 pm

hi later life mortgage no good as my husband 70 now he cant get life insurance so im still stuck with mortgage on my own buying selling up and buying other property outright no mortgage only bills to pay

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157 Posts
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29/06/2021 - 12:01 pm

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.

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