I am currently in an IVA which comes to an end around August 2012. I am hoping to offer the creditors a lump sum to settle my IVA early next year and then thinking about shared ownership with Housing Options. To test the water, I recently enquired about one of their current developments only to be told that I may not be eligible as I have an IVA. They advised me to arrange an appointment with one of their mortgage advisors.
I understand that getting a mortgage would be difficult in an IVA, i.e having to pay 25% of the full value as deposit, so thought this would be a good way of getting on the housing ladder! Please could you advise whether I will have any opportunity to opt for shared ownership going forward?
You would still need a deposit to fund your percentage of the purchase. If you take a property of let`s say a value of £100k and the housing association own 25% then you own the other 75% i.e. £75k.
If you then ask to borrow £75k you are in essence asking for a 100% mortgage, hope this makes sense, you can`t use the housing associations percentage as a deposit.Tony
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