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Hi.

I am currently 4 months into an IVA. Presently I am living at home with my parents, however they are moving away and I have a job here.

I wanted to know if it was possible for me to get a mortgage while I am still in the IVA? Just from looking at at renting prices in the area it would make more sense for me to try and buy if possible.

Kind regards

Hi nadine and welcome to the forum

The only snag with this option is that you will probably need to find at least a 10% deposit to put down on a property and find a mortgage where the repayments cost you no more than a normal market rental for a one-bedroomed property. Would your parents be able to help you out with this? And how much are you currently paying out in board and lodge to your parents?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Yes, you can get a mortgage whilst on a IVA but it is unlikely to be from a high street lender. So you will need to look at a specialist provider - I believe welshboy who uses this forum can provide good advice on mortgages.

The flipside is as you dont currently have a mortgage I presume your I&E as specified in the original proposal will change somewhat. If needed, you could ask your IP to put a variation to the creditors so that you can offer a reduced monthly payment to them, but many proposals dont allow for a variation in the first 12 months.

Thank you for your speedy replies.

Melanie, I believe that my parents will be able to help me with a deposit. I am currently giving my parents £300 as "rent", which was allowed in my proposal. In the proposal there is also a standard allowance for food, clothes etc.

Is there any mortgage advisors that specialise in IVA cases you could advise?

Kind regards

Nadine

MelanieGiles wrote:

Hi nadine and welcome to the forum

The only snag with this option is that you will probably need to find at least a 10% deposit to put down on a property and find a mortgage where the repayments cost you no more than a normal market rental for a one-bedroomed property. Would your parents be able to help you out with this? And how much are you currently paying out in board and lodge to your parents?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Any specialist Mortgage Broker in your area should eb able to help but if you are looking for someone who has recieved good feedback on this forum you could use Tony Parsons. His details are listed on the experts section of the forum.

All the best.

Best Regards
Oliver

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

Hi nadine.p
You will need a 15% deposit and not missed any IVA payments over the last 6 months.
Regards
Adrian

nadine.p

You will need to have your IP agree to the possible mortgage and also to confirm that you have "conducted your IVA satisfactorily". This being the case lenders will review your case on an individual basis and advise from there. Hope this helps -Tony