will i be able to get a mortgage having got an IVA

[thomas.r]

will i be able to get a mortgage having got an IVA?

[MelanieGiles]

Yes - thomasr, many people apply for mortgages whilst they are subject to ongoing IVA proceedings, but you will need to get your supervisor's permission and ensure that the repayments are no more than you are currently paying in rental. Also, you are likely to need a 10% to 15% deposit to put down on the property, which cannot come from your own funds if you are buying a first property.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Hello Thomas.r,

Welcome to the forum.


It’s an important commitment that you make that you will not incur any new credit during your IVA and so you would not be able to obtain a mortgage without the approval of your Supervisor. In addition, you’re unlikely to have the deposit to be able to put down on a mortgage, or the money to pay the costs of the purchase of a property, since the creditors would expect you to pay this money in to the IVA. However, if you were buying the property jointly with another party who would meet these costs on your behalf, you could demonstrate to the Supervisor that your housing costs would not exceed those budgeted for during the IVA and you could find a lender who would give you a mortgage advance, it remains a theoretical possibility.




Kind regards,

Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net