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Posted: Tue Aug 28, 2007 9:14 am
by gucci
I am living in rented accomodation with my partner, I have an iva but he has a very good credit rating he has always got credit and never missed a payment, whats the procedures for applying for a morgage, will banks give us 1 based on his credit rating or would we have no chance at all?
Posted: Tue Aug 28, 2007 9:19 am
by Oliver
You are likely to be able to get a mortgage from somewhere, even if you have to source it from the Sub-Prime market. You will need to decide if it is best to have the mortgage in his name only or in joint names. Taking a mortgage could have an impact on your IVA so you will need to talk to your IP and discuss this further with them.
Best Regards
Oliver
Thomas Charles and Co Ltd.
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Posted: Tue Aug 28, 2007 9:35 am
by iva_squirrel
Hi gucci,
You will need the the express permission of your IP to take out a mortgage and make sure the mortgage payments are equal or less than you are currently paying in rent.
Regards,
Michelle P.
Posted: Tue Aug 28, 2007 9:48 am
by mikebdomain
Hi Gucci
As previously stated you will need the permission of your IP before applying for a mortgage.
If you have a deposit available and there are no affordability issues, the IVA will not be a hindrance to a mortgage application as long as the IVA has been carried out satisfactorily.
Talk to any mortgage broker who is authorised and regulated by the FSA and they will take you through a fact find and advise you of the mortgage products and options that are available to you.
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Mortgage Broker
Specialising in adverse credit.