me and my wife are in an iva at the moment

[g60]

Hi me and my wife are in an iva at the moment been in it for about a year are total owing was around 44k and we pay back 550 pcm the question is about morgages as i am in full time work and will be for the next 6 year def and my wife part time. at the moment in all with the cost of the IVA and my rent etc we pay around 1100-1200 pcm can i get a morgage to pay back the iva and buy a house at a lesser price knowing that the money we put into the house would be better in the long run value etc...well i hope you can answer many thanks

[MelanieGiles]

Hi g60 and a warm welcome to the forum

Do you already own a house? I suspect not, so to get a mortgage whilst in an IVA you will need to have at least a 10% deposit which needs to be sourced from third party funding rather than your own. Would this be possible to raise in your case?

You cannot get a mortgage to pay off the IVA, only to purchase bricks and mortar, so I would stick with the renting for now unless there is a white knight bearing cash out there for your deposit!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk