Page 1 of 1
Posted: Tue Feb 12, 2008 10:31 pm
by bev.t30
I already have an IVA. Is it still possible to get a mortgage even though I have an IVA?
Posted: Tue Feb 12, 2008 10:33 pm
by james.c
yes but interest rate will be higher and not from the high street lenders
Posted: Tue Feb 12, 2008 10:35 pm
by Andrew Graveson
Hi bev,
In practice there are many lenders prepared to lend to those in IVA's.
Availability and the rate that you might pay depend entirely on your unique personal circumstances.
Posted: Tue Feb 12, 2008 10:35 pm
by MelanieGiles
hi bev and welcome to the forum
This is such a frequently asked question on the forum, I am going to ask Andy to get Andrew Graveson or Tony Parsons to write an article to cover this very subject, Andy - job for the boys!
You can get a mortgage whilst in an IVA, so long as you have a deposit to place down which has to come from funds other than your own. In reality this will probably need to be between 15% and 20%, and I hope Andrew will be around later to give a little better advice as this is his area of expertise.
Just to add that you will also need your IP's permission to take out the mortgage, as this is a form of ongoing credit, and the mortgage payments should not disturb your ability to fund your IVA payments.