Can I get a mortgage with an IVA?
Currently I rent in London with my partner and children; this is very expensive and we have no security of tenancy. As key workers we would like to obtain a part-buy, part rent property mainly so we can stay in one place near our children's school and nursery, and not have to put up with unscrupulous landlords. We don't qualify for social housing. Our rental payments, as is common in this part of the world, are more than most people we know with mortgages, and the mortgage we would need to obtain would be less than £100, 000. Is it possible to take out a mortgage with 3 years left to run on our IVA or not? Thanks
I think it can be possible to get a mortgage with an IVA but you would need a large deposit and would have much higher interest rates. Some mortgage lenders refuse anyone who has ever had an IVA. There are specialist brokers including one who posts here who may be able to help you.
Paid F&F in July 2012 and received CC in July 2013
Nicola - welcome to the forum. I agree with the others - also you will need a stack of cash available to pay for all the other costs (legal, stamp duty,removal, survey etc etc )
