www.iva.co.uk

Hello All. - just a quick one.

im currently in the fourth year of my IVA and want to know if its possible to get a mortgage.

the rent im paying would easily cover a mortgage and therefore wouldnt affect my ability to pay the IVA.

the desposit would be paid for my my father in law who would want the percentage back if we sell the house.

i know im probably better off waiting but every month im throwing money away!!

i havent posted on here since my first year but just want to say my IVA has been a good one and has taught me how to live on a budget. - expierence you just cant teach people.

Hi,

Nice to see you again on here.

You are highly unlikely to be able to get a mortgage whilst in the IVA in the current climate. However you could try a whole of market mortgage broker just to see.

Thanks Kallis - i thought as much but thought id ask anyway.

its great i can see a light at the end of the tunnel, ill just turn 30 when i finish my IVA and im so glad i did it, how many debt free 30 years olds does anyone know??

lol - i guess id better change my sig aswell!!!

not many payments to go.

You should change it!

I'll bet there aren't many debt free 20 year olds either! My daughter is 22 and has debt.

Your father-in-law could fund the deposit on a buy to let and you and the wife pay the mortgage effectively as rent. Once your IVA is over and your credit file cleared up you could then buy the house from your father in law at a discount and he would get his money back. This does depend on property prices and checking the legals but may be worth investigating.

Getting a mortgage in your own name would be difficult and expensive whereas you can rent from your father in law and sort the rest out further down the line.

Michael, thats an intresting idea - one i shall be investigating futher.

thank you.