Mortgage??

[Justin1]

Hi, im in my 2nd year of my IVA. I desperately want my own home. I knew someone who got a mortgage whilst in there IVA and my IVA company have said there are no clauses in my contract which say i cannot have one. Im looking to enter into a shared ownership scheme which means i need to find the othe 50% from a mortgage lender. Does anyone know any mortgage lenders who offer to people in an IVA?

[Viki.W]

Hey justin, welcome to the forum. I'm not an expert so please wait for one to help you. Andrew Graveson from Brightoak posts on here and he deals with mortgages, I think you can get his details from the experts page or he may reply to this post. Good luck, Viki

[MelanieGiles]

You will really struggle to get a shared ownership mortgage whilst in an IVA these days, but there is no harm in looking into it.

[Justin1]

Hi Melanie, thanks for posting. When you say i'll really struggle with the shared ownership scheme, do you think it would be easier to try for a mortgage on my own instead of the scheme? Or do you mean i'll struggle in general?

[Adam Davies]

Hi
If you have a reasonable deposit then you should be able to obtain a mortgage,however you will need approx 20% these days.
How much have you got and where is it coming from ?

[Justin1]

Hi, well my brother will be helping with the deposit and also we're getting married soon and are asking for money instead of gifts so should hopefully get a bit more from that. 20% is a hell of £30k, and i dont think for a second i can borrow or ask for that much off my family! This is hopeless, it really is. They did not mention this when i went into my IVA, they told me i would get a mortgage no problem!!

[MelanieGiles]

I would take advice directly from a mortgage broker to be honest. Andrew Graveson who is a regular poster on the forum ought to be able to assist here, and you can find his details on the expert page under Brightoak.