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Posted: Mon Mar 03, 2008 10:53 am
by jaime_g
If I accept an IVA would I have to wait until this is cleared for a mortgage?
Posted: Mon Mar 03, 2008 11:43 am
by Adam Davies
Hi
It is possible to obtain a mortgage once in an IVA.You will need a deposit of at least 10/15% from a third party,your IPs permission and the cost of repaying the mortgage must not impact on your ability to pay your IVA.You will also be in the sub prime mortgage market,a little more expensive than prime High st rates
Regards
Posted: Mon Mar 03, 2008 12:02 pm
by iva experts
Hey Jaime,
Obtaining a mortgage whilst in an IVA is not impossible, however it can prove to be difficult as there are alot of factors involved. As Andy has mentioned you will need a deposit from a third party but more importantly you will need your I.P's permission to go ahead with a mortgage.
An IVA will show on your credit rating so you will find it hard gaining a mortgage from a High St lender, however you can speak to special brokers who deal in the sub-prime market.