Mortgage whilst in iva

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Flavour79
Posts: 9
by Flavour79 » Fri Mar 03, 2017 10:56 pm
Newbie here but wanted some advice. I have been in IvA since September 2014 and was looking at mortgage options.

1. Can I go for an early settlement and when approved look at my options of lenders and deposits options. I have received an inheritance pension from my late mum which intend using to pay off early settlement and possibly put down a deposit.
2. Can it be secured side by side with Iva still running.
3. If early settlement is approved any lenders out there willing to help get me a loan and what realistic deposit am I looking at as am just frightened of some stories I read of the large deposits.

Any advice is much appreciated.

Regards
Ben
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Foggy
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by Foggy » Sat Mar 04, 2017 10:12 am
Hello Ben and welcome. I will copy your questions for ease of reference and answer each as far as I can:

1. Can I go for an early settlement and when approved look at my options of lenders and deposits options. I have received an inheritance pension from my late mum which intend using to pay off early settlement and possibly put down a deposit.

A1. You can go for early settlement --- do not use that term, as a settlement means paying the whole debt, fees and interest. You would be looking at making a Full & Final Offer. The inheritance pension would be viewed as income. The lump sum providing this pension might be considered a windfall, unless protected by, for instance, being in trust. You may need to take legal advice on this. You are unlikely to get a reasonable mortgage while the IVA is on file ( 6 years from the start) despite early completion.

2. Can it be secured side by side with Iva still running.

A2. You will not get a mortgage at all with the IVA running.

3. If early settlement is approved any lenders out there willing to help get me a loan and what realistic deposit am I looking at as am just frightened of some stories I read of the large deposits.

A3. It will not be easy --- have a word with either, or both, of the mortgage experts on the forum: Ryan and Shaun (Look under "Quick Links" top left, then "The Team")
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