Mortgages

[kath2006]

Hi,

I need a bit of advice please. I have had my IVA since may 2006 and am looking for a mortgage next year. Because I have an IVA can I still get a mortgage? If so can anybody recommend any companies that approve IVA's.

Many Thanks

Kath

[mikebdomain]

Hi Kath and welcome to the forum,

Having an IVA will not stop you getting a mortgage, you will need a deposit supplied by a third party.

I would suggest you phone and speak to one of the Mortgage brokers who post on this forum;

Myself - Mike Burridge - (mikebdomain) - 'Leybridge Limited'
Tony Parsons of 'All Mortgage Products'
and Andrew Graveson of Brightoak

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[luluj]

We are looking into relatives buying a property for us and we pay the rent / mortgage - would this be allowed under an IVA?

Lulu

[Lisa2009]

I'm not entirely sure but this could be classed as a windfall and then form part of the IVA if you were to be paying the mortgage. I would have thought then that there may have to be an equity release.
I'm sure one of the experts will better advise though.

[luluj]

They would act as landlords with an offical tenacy agreement and we would be the tennants - just as we are now with our landlord (even though he has not paid his mortgage!)

Lulu

[Soulgrowth]

Kath ... I managed to re-mortgage last September and I was in an IVA ... huge interest rate though because it is classed as a 'sub-prime' mortgage ... but the plan is to try to get back on to high street rates after a couple of years.

Lulu ... I can't see why this should be a problem so long as the proprety and mortgage aren't in your name personally (you could always transfer the property in a few years time).

There are a couple of good websites where you can download legal documents such as a tenancy agreement at a minimal cost.

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[bigpete]

Hi not sure how to contact mikebdomain but this link does not seem to work: http://www.leybridge.com/testimonial.php

[mikebdomain]

Pete we have a problem with some ISPs seeing our site most people can get to the link OK - Leybridge 0800 phone number is in my profile

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf