can you get a mortgage whilst in an iva with a gaurantour? we are looking at shared ownership where the purchase would be 35% of the property value. so would we still need a 50% deposit? and would this be on the 35% purchased?
thanks
Welcome ... very unlikely to get a mortgage whilst still in an iva.
We have a couple of mortgage experts on the forum who are brokers in this field. Contact Ryan and or Shaun for specific advice on your circumstances. Contact details are under as the experts a question
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I guess there is an easy way to post a link, but I can't see it right away. Anyway, it was mortgage Steve who said he knew of a company to help during an iva.
This was mortgage Steves response in another thread
"Hi Donnad0267,
I specialise in Adverse Credit Mortgages and hope the following helps.
The majority of High Street lenders will want you to have been discharged from an IVA for 6 years but some will accept you after 3 years.
I do however know a lender that will accept you (even with an IVA still running and is does not have to be cleared) and they will lend up to 70% of a property’s value providing you have maintained the payments on time, every time for the last 24 months......"
Everyone's circumstances are different and it is essential you speak with a mortgage broker who has significant experience of helping people - i can only vouch for Ryan in this.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Surely obtaining a mortgage whilst in an IVA would fail the arrangement, unless you have the agreement of your IP ( and possibly creditors ) and, a 30% deposit sitting in your bank account ??? I think not.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi,
Being honest, if you had 30% deposit, why would you not clear your IVA!
There is no company out there who will do a Shared ownership mortgage whilst an IVA is even on your credit file, definetly not if it is still open.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Hi Andy,
Yes I can confirm that I can arrange a mortgage if a client is still an IVA providing it has been maintained satisfactorily but not shared ownership and not with the help of a guarantor.
Regards,
Steve
Hi Andy,
Yes I can confirm that you can get a mortgage up to 70% of a property's value if you are still in an IVA but not for shared ownership and not with the help of a guarantor.
Regards
Steve
