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Hi, just wondering if you could give me some expert advice regarding taking out a new mortgage per/post an IVA. Although I've been on a DMP for 2 years I am intending to try and embark on an IVA in the near future. I am also considering taking out a joint mortgage with my partner, who is in a position to place a significant deposit on a property. I have been a tenant until now and any potential monthly mortgage repayment would of course be the same. Would it therefore be better to consider buying a property pre or post an IVA proposal and (hopefully) acceptance? Am I allowed to purchase a property whilst on an IVA and are there mortgage companies out there who are more IVA 'friendly'? Assuming I can do this, how much difference in % terms is an IVA going to make to a mortgage? Could you recommend who to approach? Many thanks, RR

I suggest that you take some advice from one of the mortgage experts who post on this site directly. Andrew Graveson would be particularly good as he also runs a DMP company.

If your mortgage payments are going to be no more than you are currently paying in rent, then I cannot see that it makes much difference whether you buy pre- or post- IVA - certainly from an insolvency practitioners point of view in any case, however if you do buy per-IVA you may be required to raise equity in the property during the final year, so that should be a consideration.

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

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Thank you, Melanie, for the advice. How do I contact Andrew Graveson?

Hello Rupert,

A lot of the answers to your questions could really only be answered once a mortgage-broker had a very good understanding of your personal circumstances.

For example a mortgage broker would need to understand the status and amount of your current credit (within the DMP) to weigh up whether you'd be better advised to seek to buy pre or post IVA acceptance. The status of the credit in the DMP may also have an effect on the amount that you're able to borrow compared to the amount that you could borrow once in an IVA.
Given the integrated nature between various debt solutions and mortgage options I do think it's important that you choose to speak to a mortgage broker well-versed in these issues.

I'd be very pleased to talk it through with you as I'm sure would Tony (Welshboy) and Mike (Mikebdomain) who also regularly post on this site. All of our contact details are available in the profiles section or via the web-links.



Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

A lot of mortgage brokers are now getting in on the IVA bandwagon, I would suggest talking to any one of the brokers on this forum - In your particular case I would suggest Brightoak (Andrew Graveson) or All Mortgage Products (Tony - Welshboy) would be your best bet as they both deal with people in DMPs - whereas we specialise in IVAs

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Hi
Make sure that you consider the very important point that if you buy a property pre IVA you will almost certainly be required to release some equity whereas if you purchased post IVA the equity would not be a consideration.
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Andy Davie
IVA.co.uk Spokesperson and Website Manager

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