I need some help. I am currently in an IVA with Grant Thornton but have my payments on hold because I am at serious risk of loosing my job. I have a residential mortgage on an open market home buy scheme(25%) which is currently tenanted. The mortgage is £519.41 a month which is interest only and I have to pay 1% more than the normal interest for agreed lettings. The rental income is £460 per month. I also have a buy to let which to be honest is a disaster as its a leasehold flat in negative equity by the tune of about 8k. With the leasehold fees of £854 a year ground rent of £125 a year letting agent fees and insurances its hardly worth keeping. But I cant sell it to raise any money to offer full and final settlement for IVA therefore I was thinking of moving back into my residential address as its worth £119k, mortgage is approx 101k but 25% is owed to home buy scheme so in effect in negative equity. Oh I owe about 38k in non prioirty debts too any thoughts tactics or ideas as I am not sure what would happen to my Buy to Let and my home if I move back in?
in Bankruptcy if you are living in the house limited or no equity and can afford the mortgage payments, it is likely that you will be able to stay in the property.
If you are renting out the property the OR will take the income to pay your creditors, you would still be expected to pay the mortgage !
if you have investment properties it may be as well to speak to one of the experts as it can get complicated, rates V mortgage payment V handing back property. The experts will be able to give you a whole market appraisal and help you decide if IVA, DMP, F & F or BR is appropriate
if your not paying the mortgage the mortgage company will probably start possession proceedings.
IVA / Bankruptcy advice
Posted - 17 January 2011 : 16:17:12
