Can i get a mortgage with an IVA?

[fiona.w]

Can i get a mortgage with an IVA? If so what will i have to do?

[MelanieGiles]

Hi fiona

It is possible to get a mortgage if you are in an IVA, but you would need to find at least a 15% deposit which would have to come from third party funding. What are the circumstances which lead you to want to take out a mortgage?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[fiona.w]

My partner & i would like to buy a house together in the near future, he currently has his own home so he would be able to put down the deposit as he has equity in his home. would this cause a problem to my iva agreement?

Hi fiona

It is possible to get a mortgage if you are in an IVA, but you would need to find at least a 15% deposit which would have to come from third party funding. What are the circumstances which lead you to want to take out a mortgage?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[MelanieGiles]

It should not cause a difficulty, but the fact that you are in an IVA might mean that you are penalised on the interest rate. Could your partner buy the property in his own name, and then perhaps transfer a share to you when the IVA is completed, or does he need your income to support his application?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[fiona.w]

Just with both of our incomes we would be able to get a better house as we would have more money to spend.
at the moment he is on 30k & i am on 19k so we would really love a decent house where we would be able to stay for a long time.
is there anyway my wage could be included without me being on the mortgage & then ask a solicitor to write something up to say i own 1/2?

It should not cause a difficulty, but the fact that you are in an IVA might mean that you are penalised on the interest rate. Could your partner buy the property in his own name, and then perhaps transfer a share to you when the IVA is completed, or does he need your income to support his application?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[MelanieGiles]

Your partner could declare that you are going to live with him as a lodger, and then declare your share of the mortgage as rental income, and a solicitor could draw up an agreement for you which gives you a beneficial interest in the proeprty, but you really need to take specialist advice from a mortgage broker on this point - there are three who regularly post on the forum, but they have all been very quiet today!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

Hi Fiona and welcome to the forum, sorry for not responding to your question earlier. We are snowed under with end of year regulatory reports etc.

It would be worth discussing your situation in detail with a mortgage broker who has access to the whole of market and who is experienced in dealing with people who have an IVA. Which route to take would depend on both of your credit histories and score amongst other things, you could be pleasantly surprised.

As Melanie has said there are three regular posters on this forum, any of whom will be only too glad to go through all the options available to you.

They are

Myself
Tony Parsons (Welshboy) of All Mortgage Products
& Andrew Graveson of Brightoak


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