Can we get a mortgage as we have just completed our IVA but still need to downsize as we cannot afford the current mortgage. The properties we have looked at are approx 40% of the value of our current home.
It would be difficult and your first prot of call should be your existing lender. They may be able to help if you are actually borrowing less otherwise speak to a specialist broker for advice.
Have a chat with Ryan or Shaun our forum mortgage broker experts ... They will be able to give some indication of what you need to do to achieve your ambition.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
After 12 months of fighting our corner with current mortgage company, they eventually agreed to let us move and re-mortgage. We're having to downsize but will be saving £400 per month on a 10 year fixed rate which we can come out of with no redemptions after 5 years so a good deal we think. Just wanted to update people to let you know that there is light at end of the tunnel, even if it is far away. Moving in about 2 weeks
