Mortgage

[moneyclown]

I was just wondering how it works when getting a mortgage with a friend when in an iva? Does it affect them in anyway? How much higher are the rates compaired to high street lenders?


Thanks

[Adam Davies]

Hi
As it would be a joint account then your credit rating would impact on the application,however the rates are only marginally higher.You will need permission from your IP and the deposit must come from your friend or a third party and must not impact on your ability to pay your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Welsh Boy]

Money clown

In answer to the differential in interest rates in comparison to high street lenders, your case will be viewed on it`s own individual merits and an interest rate offered accordingly, the rate will be loaded somewhere in the region of 0.5-0.75% because of the IVA. If you are also self certifying the mortgage this will also incur a loading of perhaps 0.25-0.5% depending on the scheme. Hope this helps.

[mikebdomain]

Hi moneyclown

As it will be a joint mortgage application, your IVA will affect the rate you are both offered. At this moment in time adverse credit (sub prime) mortgage products are undergoing a hike in interest rates, so you can expect a loading from 0.5 to 2.5%. The rate you are offered, will depend on your (and your friends) circumstances.

I would suggest you talk to a couple of mortgage brokers to see what mortgage products are available.


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