My daughters boyfriend is in the 4th year of his IVA (no defaults). They are living in a rented 1 bed but have had a baby and are looking at 2 bed properties now. I would like to help them buy and they have found some Shared Ownership properties but are told that the property owners wont consider anyone until 6 years after the end of the IVA. I am sure that they would be able to afford mortgage plus rent and would be happy to provide security in terms of my own home where I have reasonable equity. Can anyone suggest a way forward?
They will not get a mortgage while the IVA is on the credit files ( 6 years from the start of the IVA ). Some lenders are tougher in their criteria than others. I would suggest a chat with either of the expert brokers we have on forum: Ryan or Shaun.
Their details can be found under the "Ask a Question" tab (top left) and scrolling down the page.
Last edited by Foggy on Fri Apr 22, 2016 6:17 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I take it you meant a mortgage Foggy? LOL!! Do agree that either Shaun or Ryan could help.
Sharing from experiences of dealing with debt
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Best advice is to speak to a mortgage broker, however the fact that they are still in an IVA will make it near impossible to secure a new mortgage I'm afraid
Once the IVA is completed the chances of securing a mortgage will improve
I agree with Andy, the chances of securing a mortgage whilst they are in an IVA are negligible. Partly because their Insolvency firm would need to agree to this and that in itself is quite unlikely.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Perhaps you can help them with a F&F settlement offer instead to close their IVAs early. It won't clear up their credit rating any sooner but will give them control over saving for a mortgage/deposit etc once the 6 year period has passed.
