Moving Home, Question by Question
How a move works whether you rent, buy or sell.
Can I move house during an IVA?
Yes. An IVA does not stop you moving home. Whether you rent or own, you are free to relocate, but you should always tell your supervisor about the move and any change in your costs. As long as you keep up your payments and keep your supervisor informed, moving is perfectly compatible with being in an IVA.
Is moving to a rented home easy?
Usually, yes. If you are moving from one rented place to another, or from owning to renting, there is little to stop you. The main thing to be aware of is that letting agents and landlords often run credit checks, which can show your IVA. There are ways around this, which our guide on renting in an IVA covers in more detail.
What if I want to move and buy another home?
That is much harder during an IVA. Buying means taking on a new mortgage, and new borrowing is heavily restricted in an IVA, while lenders are generally unwilling to offer a mortgage to someone in one. So moving usually means renting rather than buying. Buying again typically becomes realistic only after the IVA, once your credit has had time to recover.
What happens if I sell a home to move?
Your equity would usually go into the IVA. If your move involves selling a property you own, the equity from that sale, what is left after the mortgage and selling costs, normally has to be paid into the arrangement for your creditors. Your supervisor must agree the sale beforehand and will explain how the proceeds are treated.
Do I have to tell my supervisor?
Yes, always. Moving usually changes your circumstances, your rent or mortgage, your bills, sometimes your income, and your supervisor needs to know so your budget and contact details stay accurate. Telling them early also lets them flag anything to be aware of, such as how a sale or a new tenancy would work. Keeping them informed keeps your IVA on track.
Will moving change my IVA payments?
It might, up or down. If your housing costs change when you move, your budget changes too, which can affect your disposable income and therefore your payment. A cheaper home could mean a higher payment; a more expensive one, lower. Your supervisor will reassess your budget so your payment stays fair and affordable after the move.
Can I move in with family or a partner?
Yes, and it is a common move. Moving in with family or a partner is allowed, and may reduce your housing costs. Bear in mind it can change your household budget, and if you move in with a partner, their finances are not taken over by your IVA, but shared household costs may be looked at. As always, tell your supervisor so your budget reflects reality.
Should I get advice?
If your move is complex, yes. A straightforward rented move rarely needs much beyond telling your supervisor. But if it involves selling a home, releasing equity, or a big change in your finances, a quick word with a free, impartial adviser can help you understand the implications first. It costs nothing, and it makes sure a move does not catch you out.
