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Posted: **Wed Aug 08, 2007 6:29 am**

Hi there, Im really thinking about getting or at least looking into the possibility of getting a mortgage. However, Im 1 year into my 5 year IVA. Im told that I would need at least £20k for a deposit on a £120k house and without this deposit they wouldn’t even entertain an application. Is this right? What humours me is that if I had £20k knocking about I wouldn’t be in the IVA in the first place.

kraig

Posted: **Wed Aug 08, 2007 6:52 am**

Hi Kraig, I've got a self cert mortgage (as I had adverse credit and with self cert they don't require bank statements or pay slips) and had to put down a 15% deposit which I had to borrow (part of the reason I'm now filing for bankruptcy, and am being charged a very high interest rate! Also, if you're in an IVA and are thinking about getting a mortgage, a friend or family member will have to "gift" you the deposit. Because if you do have the money yourself then you'll be expected to contribute it towards your IVA. I think Welsh boy who posts here is the man to see about mortgages. Good luck with your IVA!

Posted: **Wed Aug 08, 2007 6:58 am**

If you are in an IVA you must seek IP's permission to get a mortgage.

Obtaining a mortgage may implications on Income and expenditure.

If agreed by IP,then you may have to for one prepared lend 100% and may have to include all expenditure in to mortgage.

I am not sure if your IP will allow other expenditure incurred in buying a house.

In the end you may have postphone buying house untill you complete IVA.

hara.

Posted: **Wed Aug 08, 2007 9:05 am**

My other half has just been approved for a self cert mortgage (he's self employed) and the interest rate isn't much higher than a so called normal mortgage.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

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Posted: **Wed Aug 08, 2007 9:33 am**

To get a mortgage whilst in an IVA you will need the express permission of your IP. You will also need a third party to gift you the deposit for the property and to ensure that having the mortgage will not put you into a position where you can't afford your monthly payment to your IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Wed Aug 08, 2007 9:40 am**

Hi kraig.h and welcome,

If you can get the money for a deposit and if your IP gives you permission then you could possibly take out a mortgage . However it is unlikely that this will be agreed if the mortgage cost you more than renting.

Regards,
Michelle P.

Posted: **Wed Aug 08, 2007 10:05 am**

Hello Kraig,

The first thing I would advise is that you speak with your I.P as they would have to give you their permission to get a mortgage. It is possible to get a mortgage but it is unlikely/almost impossible that you will get one without a deposit.

Best Regards. IVA Experts