Hi, Is it more easier to get a mortgage after an IVA rather than bankruptcy? Can I get a 100% mortgage in the 2nd year of an IVA and would I need a huge deposit? I doubt I have any equity in my house as prices have fallen but if I did, would the IVA company let me and my ex-partner use the equity to put a deposit down on a new mortgage each as we are going to be homeless. We can't even rent because we have poor credit history, no deposit or rent in advance. Thanks
Possibly - but mortgage companies continually change their policy on this, so you are better off seeking advice from an Independent Financial Advisor who deals with the whole of the market.
You will not be able to get a 100% mortgage whilst in an IVA - the highest currently available I believe is 80%,and mortgage companies are being very choosy about lending to anyone in financial difficulties at the moment.
The treatment of your property, and the equity therein, is dictated under the terms of your specific IVA, so have a read through and ask your IP any pertinent questions as they have detailed knowledge of your case.
Just because you have a poor credit rating, this does not mean that you will be unable to rent - but you will need to put down a deposit and perhaps a few months rental as well.
What exactly are you proposing to do with the property and the IVA?
