www.iva.co.uk

Hi all, quick question about buying a new house when in an IVA.

Is it possible?

My IVA has a equity release in year 4 and I'm only coming up to the end of year one, but I really need to get out of my flat and into a house.... Ideally I would be looking for a property of the same value if at all possible.

Any info or experiences welcomed.

Hi,

You can try, but bear in mind that your credit rating will be shot whilst you are in an IVA.

You could try to get your mortgage swapped over to a new property if if the prices were the same.

Without a deposit of at least 30% I think this would be nigh impossible for you to broker.

I spoke to my mortgage company for general advice and our mortgage is portable. Basically you would have to get your case underwritten again and your income/expenditure would be checked but if you had maintained a spotless mortgage history and can prove your income is sufficient maybe your mortgage company will assist. Not all mortgages are portable though so you are best to check first