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Posted: Mon Feb 25, 2008 7:56 pm
by caz
I am living in short term rented accomodation and need the security of a home long term. My rent is £700 per month.Will I have to wait for the completion of an iva before I can consider taking out a mortgage?
Posted: Mon Feb 25, 2008 9:08 pm
by carlmcmullen
I would say it would not be a major problem providing your I&E remain the same (your mortgage is about the same as your rent) and you can maintain your IVA payments.
Were u may have a problem is getting a mortgage, most lenders will not lend to people in an IVA more then 85%LTV so you would need a deposit of some kind.
Posted: Mon Feb 25, 2008 9:50 pm
by Reviva UK
I agree with the problem bit. if you introduce equity into your life by way of a deposit you are perhaps receiving a windfall.
Posted: Tue Feb 26, 2008 9:35 am
by MelanieGiles
The deposit monies would have to come from a third party - ie friend or relative.