are there any other risks.

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jag

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Post by jag » Sun Apr 06, 2008 10:13 pm
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Hi, if i was to take out an IVA, would i still be able to take out a mortgage in the future. I currently live with my parents. Also if i keep up the payments on my IVA for the full term are there any other risks.
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Lisa2009

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Post by Lisa2009 » Sun Apr 06, 2008 10:29 pm
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There is nothing to say you couldnt get a mortgage later on in the future but you may need to pay a deposit and you may also be subject to higher interest rates.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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MelanieGiles

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Post by MelanieGiles » Sun Apr 06, 2008 10:35 pm
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You would need to get your IP's permission to take out a mortgage whilst the IVA is running, and your new mortgage payments should be no more than you are currently paying in rent. Also, as Mrs Skint has intimated, you will probably need a deposit of at least 15% which cannot come from your own money.
Regards, Melanie Giles, Insolvency Practitioner
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