www.iva.co.uk

Hi, the problem is that iam half way through my IVA , and we have a chance to buy our council house . Is this possible and how do i go about finding a mortgage. Regards mark

Hi
Yes it is possible
You will need permission from your IP and the mortgage must not affect your ability to pay your IVA.
You will also need to use a mortgage broker to find you the correct deal and I would suggest using one of the brokers on this forum[Mikebdomain,Andrew Gravesend or Welshboy]
Finally if you need a deposit this will have to come from a third party[family/friend]
Good luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Also you can always put off the purchase of the house. As your right to buy will remian for the life of your tenancy! So dont feel like you have to make a rush decison!.... i fear the council are in a panic as usual and cant bring all the properties up to decent homes standard by 2010

lulablog.blogs.iva.co.uk

Lula is giving very sound advice don't rush to buy the property as all the time you are paying rent will go towards your discount also remember you have to live in the house for 7 years after purchase otherwise you have to repay some of the discount.
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

Hi
Great advice

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

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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see feedback and testimonials at:
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Thanks for all your replies
mark.m[:D]

Mark

There is a factual inaccuracy regarding the length of the Housing Act discount- it was extended from 3 to 5 years and not 7. This can be tempered with the use of title insurance and some lenders integrate this with their mortgages (SPML; Preferred; Mortgages plc for example).

One other word of warning- you CANNOT exercise your RTB under bankruptcy, particularly where the RTB is protected (like with some Housing Trusts or Associations)- they will ask your solicitor for a bankruptcy search prior to comletion.


Julian Sampson
Solicitor
Wright & Wright LLP
www.wrightandwright.com
See my article in Clean Slate magazine

Julian
I stand corrected - Apologies Mark
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

sorry to sound so officious! Its been one of those days lol

Julian Sampson
Solicitor
Wright & Wright LLP
www.wrightandwright.com
See my article in Clean Slate magazine

No worries Julian and its good to have a legal boffin on the site!! Keep on posting.
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!