Making a mortgage application

[rogers]

A little while ago I asked about the possibility of applying for a mortgage while undergoing an IVA, and was informed that it should still be possible but that I would need to come up with a deposit of between 10 and 15% of the property's value - which I would need to get from a third party to which my creditors had no claim. I have so far spoken to one company - GE Money - that was recommended to me by a prospective IVA provider, but they told me that I did not fit their profile, and I am not sure who else I should try. I do not have any immediate need of a mortgage, but it strikes me that I may well do within the 5 years that an IVA normally takes to complete. The IVA company I'm talking to keeps saying to concentrate on my current situation, but I want to be able to prepare for fundamental changes in my circumstances, for example if I was to start a family. I would be very grateful for further advice.

[Skippy]

The best person to speak to about a mortgage would be Welshboy (aka Tony Parsons) who posts on this forum. He is a mortgage broker and would be able to find you the best deal. I think Bear has been using him as well.

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

[thebear29uk]

Hi rogers

Skippy is right Tony has just sorted out my mortgage for me. I'm not yet in an IVA but he has informed me that he often arranges mortgages for people who are going through an IVA.

Regards

Dave

[Adam Davies]

Hi
Are you trying to raise the deposit from a lender[G E money] ?
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi again rogers

You are very wise to thing about the future when planning an IVA. It is something I always do with my own clients, and for your IP to disregard this (coupled with the silly expenditure allowances I have seen in your other post) I think you have to question the quality of the advice you are being provided with.

When I take on a new IVA client, I have to consider whether I feel that the five year repayment plan has a realistic chance of success. Therefore it is important to understand the ambitions and aspirations each client has - particularly towards marriage, children and career plans - as these will undoubtedly affect the IVA in some shape or form.

You do need to put your property owning plans on hold for a while, until your finances are more stable, but never say never within an IVA - because anything is actually possible so long as it is with your IP's and creditors' approval.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk