can I get a mortgage during the term of the iva?

[justin]

I am considering applying for an IVA. However, one thing I am not certain on after speaking to a company is weather I can get a mortgage during the term of the IVA.

I currently own my home and an IVA seems the only way to deal with my debts and I understand that I would not be able to get credit but if I can not change my mortgage or get another one during the term I will not be able to move should I want to - the company I spoke to just said "mortgage might be OK just a bit more difficult".

[Storm]

Yes you can get a mortgage in an IVA.

Typically the mortgage lenders will want to see 12 - 24 months into the IVA.

[MelanieGiles]

There is no problem in getting a mortgage during a running IVA, so long as the new mortgage payments do not disturb your ability to fund your IVA, and that you are not stripping equity out of your property in the move which could be available to creditors.

Talk to a mortgage broker who specialises in adverse credit mortgages.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[justin]

Thank you so much both for the quick reply; my situation requires I make a decision quickly and hopefully get accepted; the one thing I am most frightened of is losing my house or not being able to move - as this is the only asset I have to leave to my children for their future - hence the avatar. Many thanks again.