Mortgage with an IVA

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holly14

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Post by holly14 » Sun Jun 29, 2008 1:39 pm
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Has anybody got a first time buyers mortgage during their IVA?

What did your IVA company say about it?
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Adam Davies

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Post by Adam Davies » Sun Jun 29, 2008 5:49 pm
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Hi
It is possible as I did this.
You need a healthy deposit[20%]and your IVA must be upto date.You will need permission of your IP and the mortgage payments must not impact on your ability to pay your IVA payments
Regards
Andam Davies
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holly14

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Post by holly14 » Sun Jun 29, 2008 5:54 pm
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We have the deposit and mortgage sorted. Had a letter from IP saying mortgages were viewed as credit and therefore I couldn't have one but was told before starting IVA that mortgages were fine as they were secured against house. Now my IP will not return any of my calls.
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MelanieGiles

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Post by MelanieGiles » Sun Jun 29, 2008 6:04 pm
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So long as the new mortgage payments are no more than you are paying in rental, I cannot see any reason for your IP to deny you the right to enter into a mortgage.
Regards, Melanie Giles, Insolvency Practitioner
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