Can I buy a house while on an IVA?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

heidi667

User avatar
Posts: 4
Joined: Sat May 22, 2021 1:01 pm

Post by heidi667 » Wed Oct 06, 2021 4:44 pm
Hi is it possible to buy a house with an IVA in year 5? We have had our final review and just in the process of submitting a full and finally offer to clear our outstanding balance From a 6 month payment break and fees. Also any stories on closing with a final offer and how long it all took would be greatly appreciated.

Foggy

User avatar
Forum Expert
Posts: 33039
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Oct 06, 2021 6:26 pm
It would be inadvisable to purchase a house while still in the IVA --- even after the F&F goes through .... before the issue of the certificate of completion. If you do then the house could be regarded as an asset and be subject to equity release.

After the certificate is issued you will have issues getting a mortgage until such time as your credit record heals ( 6th anniversary of the start date). It is possible, but very limited lenders and high rates. After the record clears you would be advised to speak to a specialist broker.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

User avatar
Forum Expert
Posts: 11213
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Wed Oct 06, 2021 7:00 pm
We do have a couple of experts on the forum with years of experience helping people in ivas but whilst IVA live still its unlikely you'll be approved for a mortgage.

Ryan and or Shaun, our experts, maybe able to give you some advice
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Ryan

User avatar
Industry Expert
Posts: 1167
Joined: Thu Nov 03, 2011 10:03 pm
Location: United Kingdom

Post by Ryan » Thu Oct 07, 2021 4:58 pm
Hi,
Whilst the IVA remians of your credit file, you would need a 30% deposit.
If you wait until it has cleared ie after 6yrs then it can be done with possibily only a 5% deposit.
Hope that helps.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page

luluj

User avatar
Forum Expert
Posts: 11213
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Sat Oct 09, 2021 4:10 am
Thanks Ryan ... always good to get a experts view point and things change.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”