Mortgages in IVA

PixelCode

I remember when I first started my IVA that the agent I spoke with said that I could still get a mortgage with an IVA. I never actually persisted with it and 4 years into my IVA I am now thinking about that possibility again.

Clearly I wont be able to have a deposit because the creditors will want to know why I have a big lump sum lying around, so I'd be looking for a 0 deposit and probably an interest only payment mortgage - although if i'm honest I know nothing at all about it.

Hence why I am posting here.

Anyone got any advice here? Is it even possible in an IVA? In a years time when my IVA is satisfied will I be able to get a mortgage or am I to be a social leper for all time?

PixelCode

Bumped....

Charco_2

You CAN but to be honest you'd be better off waiting.

The interest rates that are likely to be available to you 1) being in an IVA and 2) not having a deposit would make it not worth while.

Take your time after your IVA to save up a lump sum... if you stick to your IVA budget then you would be able to save the amount of your monthly contributions each month. The more you save up the less you'll have to pay interest on when you do get the chance to buy your first home!