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Posted: Thu Jul 10, 2008 1:17 pm
by bren.s
Me & my partner have been in a IVA for 1 year & wanted to know if we will be able to get a mortgage without the massive deposit ?
Posted: Thu Jul 10, 2008 1:20 pm
by Viki.W
I don't think anyone can get a mortgage without a hefty deposit these days bren. Welcome to the forum, post a few more details about what you are after and the experts can advise. X
Posted: Thu Jul 10, 2008 1:51 pm
by abc
The problem you will face, ignoring the curent position with mortgages, where would you get the money to pay for legal fees, moving costs etc even if no deposit was required?
You will need your Supervisor's permission (subject to the terms of the IVA) to obtain a mortgage. You will need to also demonstrate that your monthly costs will not increase etc. ie that you can afford it.
You probably should speak to an independent financial advisor to consider the options first and if it was achievable then speak to your supervisor.
Posted: Thu Jul 10, 2008 1:53 pm
by rayb
From what I have read recently you will need at minimum of around £30k for the deposit plus fees. A no go even if you are not in an IVA me thinks.
Posted: Thu Jul 10, 2008 2:39 pm
by LoneRanger
30k??? wouldnt it depend on the size of the mortgage! I think it would
Posted: Thu Jul 10, 2008 2:58 pm
by nomoredosh
Hi, if you think of it £30,000 is a 20 per cent deposit on a £150,000 mortgage, so at the moment with the way mortgage lenders are it probably is feasable that that is what you would need. Also that is without conveyancing and stamp duty etc etc etc!!! Oh and a squeeky clean credit score would help LOL! Thats me out of it then.
Posted: Thu Jul 10, 2008 6:58 pm
by MelanieGiles
Buying a property whilst in an IVA is rarely an option unless the deposit and associated costs are being funded by a friend or relative.
Posted: Mon Jul 14, 2008 8:51 pm
by Andrew Graveson
I'm not aware of a mortgage lender currently offering loans to individuals in IVA's at a loan to value of greater than 80%.
This will mean that substantial deposits will generally be required for a home purchase.
Posted: Tue Jul 15, 2008 7:52 pm
by nervousperson
I'm not aware of a mortgage lender currently offering loans to individuals in IVA's at a loan to value of greater than 80%.
This has just sent alarm bells ringing in my head - my IVA has an 85% LTV Year 4 clause....
Posted: Tue Jul 15, 2008 7:54 pm
by kallis3
If your clause is anything like mine, then if you can't get a remortgage, your IVA will just continue for a further 12 months.
Posted: Tue Jul 15, 2008 7:54 pm
by MelanieGiles
Not alarm bells - this should be good news for you, because if you cannot find the finance then you cannot comply with the clause!
Posted: Tue Jul 15, 2008 7:56 pm
by Moneystinks
Does that mean that the IVA still ends year 5 then?
Sorry butting in just interested. [:)]
Posted: Tue Jul 15, 2008 7:57 pm
by angela18
its quite scary isn't it, this sudden dip in everything.. except food and bills which is on the up[}:)]
Posted: Tue Jul 15, 2008 7:57 pm
by kallis3
Mine doesn't. It carries on for a further year.
Posted: Tue Jul 15, 2008 8:03 pm
by MelanieGiles
Under current IVA protocol, if you cannot raise any money during the final year from the equity in your property, then the IVA should conclude at the end of the fifth year. Not suprisingly some creditors are beginning to move away from the agreed protocol, and are insisting that an extra years contributions would need to be made to address this issue.
I thought it would not be long before creditors began to modify the agreed protocol, and we will just have to see where this all ends up!