Hi Mark.
Once you have the permission of your IP / creditors, you will need to speak to a broker who has experience in dealing with IVAs and Right To Buys (RTBs).
You will not need a deposit, as your RTB discount should cover this. It is not always advisable to wait as discounts are now fixed whereas house prices are not.
In the first instance approach your IP and discuss your options, if they are agreeable, contact your council or housing association, apply for the RTB and obtain the ‘Section 125’ this could take up to three months. Then speak to a mortgage broker.
There are a number of companies that offer to assist you with obtaining the permission from the council, but they do charge up to 4k for something that requires you to fill in one form and submit it to the council / housing association. Do not be tempted by them, their services are really not required.
Everything you need to know about the RTB process including all forms and available discounts that apply to where you live, can be found at:
http://www.direct.gov.uk/en/HomeAndCommunity/
BuyingAndSellingYourHome/HomeBuyingSchemes/DG_4001398
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