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Posted: Sat Oct 11, 2008 9:34 pm
by toby
Not having a mortgage at the moment, will i be able to apply for one if i get an IVA?
Posted: Sat Oct 11, 2008 9:38 pm
by size5
Hello and welcome.
It isn't impossible to get a mortgage in an IVA but as you would have to find at least a 20% to 25% deposit in current market conditions it is fair to say that it would be unlikely.
Regards.
Posted: Sat Oct 11, 2008 11:50 pm
by redhead
I obtained a mortgage whilst i was in an IVA 3 years ago at a good rate, My daughter gave me the deposit as a loan and I will pay her back after the IVA was finished which it was 18 months ago.
I think getting a mortgage now is very hard to do not impossible but the apr is something like 8% or more for people in IVA
Hope this helps
Posted: Sat Oct 11, 2008 11:52 pm
by David Mond
It also depends on how you can fund the repayment and whether this is the same as any current rent you are paying - not impossible but a tad difficult in todays market.