The answer is possibly. For example, if it is a council right to buy and the new mortgage is not higher than the existing rent, then the Supervisor would likely have no reason to refuse permission. However, if the mortgage is higher, then the IVA payments could be put in jeopardy and the Supervisor would be inclined to refuse permission.
Funding is obtainable but currently at rates that are way in excess of those available on the high street and the loan to value offered would mean a deposit of up to 30% would be required. Your Supervisor would have an obligation to investigate where such a deposit came from.
There are other considerations to be taken into account and your case manager will be able to provide the list of requirements needed to satisfy the Supervisor and remain within your obligations under the IVA.
It would be very difficult in the current climate. You would need a hefty deposit that would have to come from a third party, and I don't think you would find a mortgage at the moment.
Hi
I purchased a house 7 months into my own IVA, using a gift from my mother as a deposit [15%].
At the moment I would think that you will need at least a 20% deposit.
A reference from your IP will be required and as others have said your share of the mortgage payment must be similar to your rent payments.
The short answer is yes you can.
Regards
