Would anyone give me a mortgage to buy parents house ? My IVA ends in August.

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Thomas.cl

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Post by Thomas.cl » Thu Mar 19, 2015 8:19 pm
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MY MAM AND DAD OWN A HOUSE WHICH IS VALUED AT £110000.THEY WILL SELL IT TO ME FOR £75000,THE ONLY PROBLEM IS THAT I AM IN A IVA WHICH ENDS IN AUGUST 2015.WOULD ANY ONE GIVE ME A MORTGAGE
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Foggy

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Post by Foggy » Thu Mar 19, 2015 8:46 pm
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I am afraid not -- and if they did the IVA would then want a chunk of the equity in the property.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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plasticdaft

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Post by plasticdaft » Thu Mar 19, 2015 11:49 pm
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Why are they planning on selling you the house undervalue?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Shining

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Post by Shining » Fri Mar 20, 2015 7:00 am
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Can they wait to sell until after your IVA is up and all your credit file is clean again? You won't be able to get a mortgage and as Foggy points out the equity would become payable to the IVA if they did so not really an option in my humble opinion.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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