Hi all,
I am looking for advice please, at the moment i live at home with my parents are fiancee. I have been in the IVA for 2 years now and currently paying the max £200 house keeping/rent allowed.
While i have been very grateful from the help my parents have given us. We feel like we now need our own place, with this in mind i was wondering what options are open to us. Given the fact that i have an IVA would there be any chance that i would be able to get a mortgage as a first time buyer. Again if we where to rent what implication would the IVA have, as i am sure that a credit check would be carried out by any letting agent. Would a housing association be an option or agian would my bad credit let me down?
My fiancee is not a UK citizen, although does have a full time, UK bank account and NI number things like this and do have a full settlement visa. In the past she has been able to get mobile phone contracts ect.
So i am just looking for advice or any ideas of the best way to get our own place. Or if given the current situation this is just a pipe dream.
i think you will find it very difficult to get a mortgage while you have an IVA, apart from anything else affordability would be a problem, you would need a very large deposit to start with. Owning a property may also create unwanted complications in your IVA.
Renting is a better option if you really feel you want to move, it may well be the best option for your fiancee to apply if you go private, the credit check will show your IVA but if she has clean credit then no problem.
Other than that I would say have a proper look into the costs before making any moves, the £200 you pay now is a godsend, your living costs will increase considerably in rented property, council tax, utilities, they all need costing first.
Good luck, I hope you manage to find a place for you both.
Whilst you may find it difficult, we do have a mortgage adviser who posts on here. His name is Ryan and you can find his details via the 'Ask a Question' link on the left hand side of the page. Contact him and he will be able to give you some free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I rent and have a guarantor. I was honest about the IVA from the time we viewed.
In addition to the outgoings hth listed I also have to have, as part of my tenancy agreement, contents insurance.
