www.iva.co.uk

Hi,

I'm moving house soon, and wondering how i will pass the credit search when I come to rent somewhere (i assume mortgages are out of the question?). Surely my IVA will make me fail the search[?]

There are private landlords that would still allow you to rent without doing a crdit search. They can usually be found in local adds. However if they were to search, you could find yourself paying a bigger deposit upfront.
Mortgages are not out of the question, there are lenders that will help but it will need to not exceed what you already pay for rent

Hi
This can prove a problem but the best thing to do is to be upfront with the letting agency.
Renting direct from the landlord can bypass the credit check and also having a large deposit can also overcome any adverse credit.
By the way it is very possible to get a mortgage whilst in an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

When I first rented I was in an IVA and I was totally upfront with the letting agency, basically they said dependent upon the search I may have to pay 3/6 months rent in adavce. As it happens, when they conducted a search - no adverse record was found.

Remember - not everyone has access to experian/equifax facilities - so results can be a bit hit or miss.

Thanks Skint.

I think its best for me personally, that I steer clear of mortgages anyway. I have seen a few properties that I quite like, but they are all with estate agents etc. so do you think i'll have to pay double the deposit or something?

Andy,

Just out of interest, can you expand on the mortgages available?

Hi
You will need permission from your IP,a 15-20% deposit from a third party and the new mortgage payments must not affect your ability to pay your IVA so will need to be similar to your rental payments.
Finally you will need to use a mortgage broker to find the best deal for you.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks a lot!

Hi Dave,

On renting, seems some landlords/agants check, but not all.... to save the worry, as Cul8tr says, it's worth just being up front with the agency. When we moved down here I literally rang all the agents appearing in the local paper and asked whether they would be prepared to recommend me to a landlord whilst I'm in an IVA. Of those that had heard of an IVA, most said they wouldn't see it as a problem if I could provide good references from my previous landlord and my bank confirmed I had a reasonable income. Only one company, a small outfit in Hants were basically rude and unpleasant.....saying in the end that they'd consider me, but only if I paid the entire years rent in advance!!!....interstingly, that was 8 months ago and the house still doesn't appear to have tenants...!

On mortgages, also be aware that if you buy, you may have to remortgage at the end of your IVA to release any equity to your creditors....assuming the housing market ever increases in value again of course!

Martin

Martin
Only if you are a homeowner going into an IVA.If you purchase after an IVA is agreed your house would not form part of the IVA and therefore you would not have to remortgage in the fourth year.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Andy, many thanks, I wasn't aware of that, and is of particular interest to me as I have considered buying during the process... having said that, finding the 15-20% deposit would be tricky, so guess I'll just wait it out....

Thanks again, and apologies Dave for mis-advising there....guess we're all best off leaving technical advice to the experts....

Best wishes...

Martin

Hi
If you can buy post IVA then there is a chance,as in my case,that you will build enough equity in your property to offer a full and final and end your IVA early.
By the way do not be afraid to give advice,it's the whole ethos of this forum and why it is the market leader[and the biggest] I certainly do not want it to become an "experts" only forum.There are many people who will correct any wrong info and I still get things wrong occasionally.
Your postings and advice are very welcome
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

It's really strange when you start giving advice instead of just recieving it. You click submit then sit there thinking "was that right"
Nobody gets annoyed if some of the advice is a little wrong because theres always someone there to quickly correct it.
I think i may actually be starting to get the hang of it a bit now (well i hope so)

mrs skint

I was terrified about giving advice at first as I didn't want to day the wrong thing. I know now that if I post something wrong there are other people on here who will put me right!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi

We were in the same position and was advised to try and put six months down which was what we did.

Best to be upfront!