Hi all, hope you had a great Christmas and the new year has been good to you so far!
I was wondering whether anyone knows of any mortgage lenders who are willing to lend to people in an IVA? I currently have a mortgage (shared ownership mortgage) but my partners 3 children have come to live with us so I now need a bigger house. A 3 bed shared ownership has come on the market in my street (very unusual) and if I could get a lender to agree a mortgage I could afford it.
My IVA was due to finish in March this year but I have an equity release clause, as there is little equity at 85% LTV my relationship manager is looking at whether I need to extend for 12 months, am I correct in thinking that if I sell any equity that becomes available will be paid into the IVA less solicitors and estate agent fees? Would this then conclude the IVA with no need to extend for 12 mths? (if I do have to that is). Sorry if my post isn't very clear!
I'm afraid you will find it more or less impossible to get a mortgage while you're in an IVA.
We do have a mortgage broker who posts on here - his name is Ryan and you can find his details under the 'Ask a Question' link on the left hand side of the page.
You can alsways ring him and ask.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
