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.
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
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.
IVA Mortgage Expert
Zebra Money Centre