Will it be possible to get a mortgage

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vanessa.d

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Post by vanessa.d » Sat Nov 17, 2007 6:28 pm
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Will it be possible to get a mortgage. I have just started my IVA and pay £850 a month rent so would be able to get a mortgage for less but would any lender take me on. i earn £45k a year as I have just got a really good job.
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cul8tr

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Post by cul8tr » Sat Nov 17, 2007 6:32 pm
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Speak to your IP - was in the same situation as yourself a few years ago and I was allowed to do so - plenty of guys post on this forum who shold be able to help with the mortgage etc - but as always, speak to your IP in the first instance.

As long as your mortgage payments and no dearer than your rent I think it should be supported.
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Adam Davies

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Post by Adam Davies » Sat Nov 17, 2007 8:45 pm
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Hi
It is possible but one of the biggest obstacles is findng a deposit.In the present climate you will need at least 15% and obviously can't come from yourself but a third party.You will need permission of your IP and you must make sure that your IVA is upto date.
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Andy Davie
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Andam Davies
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mikebdomain

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Post by mikebdomain » Sun Nov 18, 2007 12:02 pm
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Hi vanessa.d

Yes, you will be able to get a mortgage, as Andy has previously stated you will need to find third party funding for your deposit and need to obtain the permission of your IP / creditors.

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Welsh Boy

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Post by Welsh Boy » Sun Nov 18, 2007 12:02 pm
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Vanessa

In answer to your question can you get a mortgage, this will depend on a couple of factors firstly permission from your IP and also if this was acceptable to your IP then whether you could get a mortgage or not would depend upon your own particular circumstances. No 2 cases are the same, and the outcome would depend on the details of acredit search. As Andy quite rightly points out a deposit if you are purchasing would be required. Tony


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