is it possible to get a mortgage

[nsha]

I started an IVA in january this year with my partner, we live in rented accommodation which costs £700 a month, we are thinking of applying for an affordable home scheme in our area, is it possible to get a mortgage whilst in an IVA as it would cost the same as renting and a percentage of the house would be ours.

[MelanieGiles]

Hi nsha and welcome to the forum

Possible - yes! Practical - no, unless you have a deposit to put down, or the scheme pays the deposit for you.

You will need to seek the permission of your IP, but so long as it does not disturb your ability to make your payments this should be fine.

Good luck and hope it works out for you.

[animaleyes76]

I was thinking about this just before i went into my IVA. Most of the affordable home schemes aka Homebuy have a clause that you HAVE to use one of the 2-3 mortgage companies that they work with. None of these would go near you in an IVA even with a deposit from what i was told.

42 months before i can even dream of a house..

Know what you mean though. My rent is £775 pm just for a one bed and i'm on my own!!

[jpj]

With house prices falling, now is the worst time to jump on the property ladder...you dont want to be saddled with an IVA AND a new load of negative equity in 6 months time.
I personally would stay as you are for a year or 2!