completion of an iva before mortgage ?

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caz

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Post by caz » Mon Feb 25, 2008 7:56 pm
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I am living in short term rented accomodation and need the security of a home long term. My rent is £700 per month.Will I have to wait for the completion of an iva before I can consider taking out a mortgage?
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carlmcmullen

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Post by carlmcmullen » Mon Feb 25, 2008 9:08 pm
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I would say it would not be a major problem providing your I&E remain the same (your mortgage is about the same as your rent) and you can maintain your IVA payments.

Were u may have a problem is getting a mortgage, most lenders will not lend to people in an IVA more then 85%LTV so you would need a deposit of some kind.
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Reviva UK

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Post by Reviva UK » Mon Feb 25, 2008 9:50 pm
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I agree with the problem bit. if you introduce equity into your life by way of a deposit you are perhaps receiving a windfall.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists
www.revivauk.com
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MelanieGiles

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Post by MelanieGiles » Tue Feb 26, 2008 9:35 am
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The deposit monies would have to come from a third party - ie friend or relative.
Regards, Melanie Giles, Insolvency Practitioner
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