Can I apply for a mortgage whilst in an IVA?

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abbie
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by abbie » Tue May 15, 2018 9:15 am
I have been in my IVA for around 18months now. Me and my ex still have both our names on our shared ownership mortgage. My new partner is looking to move in and I want to know if we can apply for a new mortgage together whilst I am in the IVA?
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kallis3
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by kallis3 » Tue May 15, 2018 9:24 am
Unfortunately you won't be able to get one. Don't do any joint finances with your new partner as their credit record will be affected.
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Foggy
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by Foggy » Tue May 15, 2018 9:29 am
As Kallis says, a mortgage for the next 5 years or so will not be an option.
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Lisa Thomas
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by Lisa Thomas » Tue May 15, 2018 10:31 am
You will likely have to wait until a) the IVA has completed successfully b) you have your CC c) 6 years has passed since the start of your IVA d) you have come off the insolvency register (Up to 3 months after you get your CC)
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Ryan
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by Ryan » Tue May 15, 2018 10:37 am
Hi Abbie,

There are a few Lenders who may look to offer a Mortgage if you satisfied your IVA early and had access to a large deposit but sadly these Lenders wouldn't look to lend at present on Shared Ownership properties. As has already been said you will probably have to wait the full 6 years of the IVA before you could look to get a new Mortgage on Shared Ownership unfortunately.

Regards
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luluj
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by luluj » Tue May 15, 2018 8:51 pm
It may not have been the answer you hoped for but you could use the next few years to build a deposit - however small it will go towards your goal at the end of your iva.
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