Guarantor mortgages

[Pigger479]

Hi all, my IVA finished in April via full and final. My partner is in the 2nd year of hers. We live in rented accommodation and thought that we would be settled here for the next few years while we get ourselves back
On straight and narrow unfortunately we may have to leave this property. Since I’ve been out of my Iva I have been planning on saving for a house so when my Partner came
Out of hers we would be able to start looking at buying a house etc. Would be able
To look at guarantor mortgages? Or would the IVAs take us out of that option ?

[Foggy]

I would suggest a word with Ryan and / or Shaun, but would think a guarantor mortgage would be prohibitively expensive. There is also the question of your partner's A) Ability to join the mortgage due to her IVA (taking on fresh credit) and B) Possible ramifications regarding her need to release equity towards the end of her arrangement.

[Pigger479]

I would suggest a word with Ryan and / or Shaun, but would think a guarantor mortgage would be prohibitively expensive. There is also the question of your partner's A) Ability to join the mortgage due to her IVA (taking on fresh credit) and B) Possible ramifications regarding her need to release equity towards the end of her arrangement.

how do we go about renting another house ? Will they let us because of the IVAs? Will we need a guarantor ?

[Foggy]

Most letting agents will credit check and those in an IVA, or with it still on record, will fail. Some agents will still accept you with a larger deposit or more rent up front and, possibly, a guarantor. It is better to discuss this up front, before you get hammered for admin and search fees. Private landlords do not tend to credit check, so are a better bet. And, of course, there is also the possibility of Local Authority housing (although you could be at the end of a very long queue !)