www.iva.co.uk

Hi,
I've been in an IVA currently for 4 years. Myself and my partner have discussed the potential to move home next year. As my partner owns another property herself we would have approximately 45% to 50% deposit to put down against any new mortgage. We would then look to pay my IVA off in full with the equity after the sale of my own home. My question is, would potential lenders accept a promise to pay off the IVA or would they want me to pay the IVA off first before they would consider a morgage offer? Thanks.

They would require the IVA to be paid up AND clear of your credit files (so another 2 years).

Always worth chatting to our two mortgage experts, Ryan and / or Shaun to see what you can do to prepare the ground.

Ye foggy is right !

The thing is, creditors are looking for maximum return and with the base rate at only .5%, there is reason to settle sooner. Is the IVA in both your names or just your partners?. If its just in yours there may be away of sorting things out and with advice from a mortgage expert.

Hope it goes well for you, my advice is to always take advice from those who know.

Kev

There is every reason for creditors to accept an early settlement - and they very often do. Cash in the hand is always worth something - expecially if the debts have been sold and the purchasers have only paid a nominal sum.

Paying off creditors using the proceeds of a property sale is a definite possibility, but you should discuss this with your IP in the first instance and take their advice.

The IVA is just in my name. I guess as you suggest it might be best to wait till the full 6 years are up before trying to apply for another mortgage.
Thanks all for taking the time to read and reply it's much appreciated.