Will a mortgage company accept me with an IVA?

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sara467

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Post by sara467 » Wed Aug 21, 2019 1:38 pm
I have an IVA for 7 months now, I have not defaulted. My father would like to place a deposit for a part rent part buy small property. I can afford the payment. Will any mortgage company accept me. My father can be a guarantor.. ? I am 52 yrs old. Employed. Single parent.

Foggy

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Post by Foggy » Wed Aug 21, 2019 1:50 pm
No -- it is highly unlikely that you would get a reputable lender to give you a mortgage. Added to this any equity that you build up ( including the deposit) over the next few years would be looked at for payment into tha IVA towards the end of the arrangement.
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Ryan

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Post by Ryan » Wed Aug 21, 2019 2:02 pm
You'd in all probability have to repay the IVA to be able to obtain a Mortgage. Even then you would be looking at being able to use only specialist Lenders having started the IVA so recently and you would probably require a large deposit (30%) and the Specialist Lenders don't normally lend on schemes such as shared ownership unfortunately.

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Shaun Vickery

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Post by Shaun Vickery » Thu Aug 22, 2019 8:54 am
Ryan has put it in a nutshell I'm afraid. Perhaps you could use the funds from your Father to put forward an offer of 'full and final settlement' of your IVA and solve that issue first?
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