would an iva stop me getting a mortgage?

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sagspc

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Post by sagspc » Sat May 03, 2008 10:36 pm
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I am living with parents but looking to buy a house in the next few years would an iva stop me getting a mortgage?
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carlmcmullen

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Post by carlmcmullen » Sat May 03, 2008 10:56 pm
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No it would not stop you getting a mortgage.

However, what it will do is reduce the number of lenders who can give you a mortgage, and also i expect you would need 15 - 20% deposit, which would have to be from a third party as if you had that much money then it could be a windfall and have to be paid into the IVA.

You would also need to make sure that the mortgage payment and additional household costs do not jepordise (not sure if spelt right) your IVA payment.

Real you need to ask yourself can you afford to move out and if you do enter into the IVA it is going to be for five years......

Have any other options been discussed with you.
Last edited by carlmcmullen on Sat May 03, 2008 10:58 pm, edited 1 time in total.
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