Does anyone know of any way to get a mortgage

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Olivia.dg

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Post by Olivia.dg » Mon Sep 20, 2010 4:31 pm
Does anyone know of any way to get a mortgage whilst in an IVA. My husband has left and i want to keep the house. I have spoken to my IP who is looking into options as regards to our IVA. I tried to get the mortgage transferred over to me as i am paying it by myself anyway but they basically said no as i am in an IVA. Anyone got any ideas?
 
 

Adam Davies

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Post by Adam Davies » Mon Sep 20, 2010 4:36 pm
Hi
Try using a whole of market mortgage broker to search for a suitable product.
You may find it very difficult and may have to wait until your IVA concludes and is off your credit record
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Andam Davies
 
 

rayb

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Post by rayb » Mon Sep 20, 2010 4:36 pm
Hi,

Sorry but your chances of getting a mortgage whilst in an IVA are practically zero.
 
 

kallis3

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Post by kallis3 » Mon Sep 20, 2010 4:42 pm
I agree that it is unlikely that you will be able to get a mortgage unfortunately.
Sharing from experiences of dealing with debt
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liamjames

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Post by liamjames » Mon Sep 20, 2010 4:50 pm
I've had a chat with our group mortgage broker, and unfortunately there is nobody on the market regularly doing this at the moment. He regularly checks for me, because I'd love to be able to point our clients and the users of this forum in the right direction.
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Liam James
Varden Nuttall
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Olivia.dg

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Post by Olivia.dg » Mon Sep 20, 2010 4:57 pm
So although i already have a joint mortgage with my husband which i have mostly paid for five years. We are 3 years into our IVA and now having a separation. He is off sick and i pay for everything, i will have to keep him on the mortgage? It already seems that our IVA may have to end as i cant afford payments alone. I am dreading that i may have to go bankrupt.
 
 

liamjames

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Post by liamjames » Mon Sep 20, 2010 4:59 pm
Is your mortgage interest-only?
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Liam James
Varden Nuttall
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Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

Olivia.dg

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Post by Olivia.dg » Mon Sep 20, 2010 5:05 pm
No, it is fixed rate which they will not change for another 3 years until the fixed rate term is up.
 
 

Adam Davies

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Post by Adam Davies » Mon Sep 20, 2010 7:24 pm
Hi
Have you spoken to your IP to see if you can just pay towards your IVA ? Also look at asking to move to interest only to free up some more disposable income
Regards
Andam Davies
 
 

nomoremoney

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Post by nomoremoney » Wed Sep 22, 2010 11:41 am
There are people with no IVA who cannot get a mortgage...unfortunately that IVA tailored made Home loans market is now buried! Thanks to the behaviour of greed and irresponsibility of lenders and marketeers. Te idea of a Mortgage for IVA people could have been a reality....shattered... not in the next 5 years.

I try to look at the bigger picture....house price is plummeting...YES! Time for an almighty 'big bang' price correction once and for all!

Then things will fall back in place....new start....new beginning.
Last edited by nomoremoney on Wed Sep 22, 2010 12:04 pm, edited 1 time in total.
 
 

Skippy

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Post by Skippy » Wed Sep 22, 2010 5:36 pm
Thanks for for wishing negative equity on those of us who already have a mortgage nomoremoney! How will the 'new beginning' you want help us?

Anyway, I have to disagree about house prices plummeting, they're only dropped very slightly in my area.
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 5:39 pm
Same here - we do have houses selling so obviously mortgages are available.

I can't see how a 'price correction' will help anyone.

I have a fair bit of equity in my house, hopefully that's not going to change!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

RHB

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Post by RHB » Wed Sep 22, 2010 6:11 pm
I hope prices fall because they have gone to silly prices & i can't see my kids being able to afford a house in the future. Our house was 2.2x pur combined wage but now even with a drop in houses prices it woulld be nearer 4 x a combined wage & we don't live in the south east whhere priices are even worse!! To me a house should be a home rather than an investment.
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 6:17 pm
I can't see them falling by a lot. I've lived through two recessions. The first in the 90's where we went into negative equity straight away, the second is now and we do have equity.

I imagine that my daughter will have to rent to start off with as there aren't the jobs out there so they can afford to get on the housing ladder.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

TheMatrix

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Post by TheMatrix » Wed Sep 22, 2010 6:24 pm
I agree RHB, a home should be a place to live in and not used as an investment. Prices are far too high for first time buyers on an average wage to afford, and they are finding it harder to get a foot on the housing ladder without a large deposit, even with a perfect credit record.

Going to be saving like mad when my IVA is finished to try and build up a deposit for one in a couple of years time, so from my point of view I'd like to see prices at a realistic level then.
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