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 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 woudl happen to my Buy to Let?
I have an IVA but in serious risk of losing job
Posted - 17 January 2011 : 17:20:38
