Is it possible to rent a property through a estate agent while in an IVA?

Get expert opinion. This is the place for new questions to be posted.
15 posts Page 1 of 1
User avatar
Amy.j
Posts: 62
Joined: Mon Oct 24, 2016 7:50 pm
by Amy.j » Fri Jul 28, 2017 12:39 pm
Is it possible to rent a property through a estate agent while in an IVA? My partner has nothing to do with my IVA but wants to buy our first home with help from parents but have researched i.e. deposit being so high so we feel we will need to rent a small house of flat at first.
Thank you.
User avatar
kallis3
Forum Expert
Posts: 71440
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Fri Jul 28, 2017 12:42 pm
Hi,

You won't be able to get a joint mortgage due to your IVA. Could you rent just in one name whilst the IVA is running? Perhaps phone a few rental agencies anonymously and ask what their stance is on IVA's?
User avatar
Michael Peoples
Industry Expert
Posts: 14964
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Fri Jul 28, 2017 12:50 pm
I agree. Get the rental agreement in your partner's name as he would pass a credit check.
User avatar
Ryan
Industry Expert
Posts: 590
Joined: Thu Nov 03, 2011 10:03 pm
Contact
by Ryan » Fri Jul 28, 2017 1:03 pm
Hi Amy,

There are Lenders who would offer a Mortgage just in your husband's name possibly up to 95% of the value of a property but it would depend on what his income was (and a few other things) as obviously they wouldn't take your income into account.
User avatar
Amy.j
Posts: 62
Joined: Mon Oct 24, 2016 7:50 pm
by Amy.j » Fri Jul 28, 2017 1:49 pm
Ryan wrote:
Hi Amy,

There are Lenders who would offer a Mortgage just in your husband's name possibly up to 95% of the value of a property but it would depend on what his income was (and a few other things) as obviously they wouldn't take your income into account.


Would the deposit for the house need to be 95% of the value of the property? He really wants to buy our first home but I don't really want any involvement in the mortgage as I know how it impacts things.
User avatar
Amy.j
Posts: 62
Joined: Mon Oct 24, 2016 7:50 pm
by Amy.j » Fri Jul 28, 2017 1:51 pm
kallis3 wrote:
Hi,

You won't be able to get a joint mortgage due to your IVA. Could you rent just in one name whilst the IVA is running? Perhaps phone a few rental agencies anonymously and ask what their stance is on IVA's?


Yes I will do this thank you, would they not want to know any information about me as the affordability each month will hit him and I would need to constitute towards bills. I am looking to make a full and final settlement towards my IVA this, next year but understand the IVA won't clear of my records until 5 more years.
User avatar
luluj
Forum Expert
Posts: 9714
Joined: Sun Dec 09, 2007 6:54 am
Contact
by luluj » Fri Jul 28, 2017 2:06 pm
If a 95% mortgage then your deposit would be 5% of the purchase price - but remember you would also have the moving costs etc
User avatar
kallis3
Forum Expert
Posts: 71440
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Fri Jul 28, 2017 2:19 pm
You can always say you are a lodger and pay him rent. What are your living arrangements at present?
User avatar
Ryan
Industry Expert
Posts: 590
Joined: Thu Nov 03, 2011 10:03 pm
Contact
by Ryan » Fri Jul 28, 2017 2:47 pm
Amy,

As Luluj said above you would need at least a 5% deposit - it would depend on income, etc though as to what they would lend.
User avatar
Amy.j
Posts: 62
Joined: Mon Oct 24, 2016 7:50 pm
by Amy.j » Fri Jul 28, 2017 3:21 pm
kallis3 wrote:
You can always say you are a lodger and pay him rent. What are your living arrangements at present?


Hi Kallis

I currently live with my partners parents, they rent and their tenency is due to run out the end of next year sometime so I am trying to plan ahead, as I said above I am looking to make a full and final settlement payment once I have received a claim. I currently pay rent each month to my partners parents.
User avatar
Amy.j
Posts: 62
Joined: Mon Oct 24, 2016 7:50 pm
by Amy.j » Fri Jul 28, 2017 3:25 pm
Ryan wrote:
Amy,

As Luluj said above you would need at least a 5% deposit - it would depend on income, etc though as to what they would lend.


Hi Ryan could you please contact me? :D
User avatar
Lisa Thomas
Industry Expert
Posts: 5744
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Fri Jul 28, 2017 3:37 pm
You may need to contact Ryan direct as I doubt he has your contact details.
User avatar
kallis3
Forum Expert
Posts: 71440
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Fri Jul 28, 2017 3:55 pm
What is going to happen when their tenancy runs out? Get your partner to try and rent now.
User avatar
Foggy
Forum Expert
Posts: 22872
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Fri Jul 28, 2017 4:45 pm
Amy.j wrote:
kallis3 wrote:
You can always say you are a lodger and pay him rent. What are your living arrangements at present?


Hi Kallis

I currently live with my partners parents, they rent and their tenency is due to run out the end of next year sometime so I am trying to plan ahead, as I said above I am looking to make a full and final settlement payment once I have received a claim. I currently pay rent each month to my partners parents.


I do not wish to be the harbinger of doom -- but what is this claim you hope to be receiving ?
User avatar
luluj
Forum Expert
Posts: 9714
Joined: Sun Dec 09, 2007 6:54 am
Contact
by luluj » Sun Jul 30, 2017 5:41 am
Contact Ryan direct - his details are on his profile
15 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 11 guests