Mortgage while in an IVA?

BertrumB

Hi, hope someone can help advise me with this.

My husband has an IVA, he was just going into it when we met. Long story in between but we are now married and living in a house which is mine with our 3 children.

His IVA finishes at the beginning of next year. We just wonder if there is any chance of getting a new mortgage (joint) while he is still in the IVA? Maybe one for those with bad credit maybe? Or is it an absolute no? We would want to borrow about 30 grand more than the mortgage I have now, I cant raise that amount on my own wage.

If its a dead cert no during the IVA how long after would it be considered?

Really hope someone can help x

_Andy_

Depends on LTV (loan to value)

What property value and mortgage amount would you be looking at?

BertrumB

My current mortgage is for 100,000

I had it valued about 6 months ago at 120,000

The house we would like is priced 150,000

I earn 18,000, my husband earns 24,000

Thanks

catieeb06

I know of only one lender at the moment that is willing to lend to people who are in or have only just come out of an IVA (by that I mean less than 12 months after it was settled)

That's at 50% LTV by the way.

dshart

If I read it right you currently have a property worth 120k with a mortgage of 100k which means you have 16.6% equity and you are after a house worth 150k with a mortgage of 130k which will mean your equity will be 13.3%.

If I am right I think you will really struggle to get a mortgage in current climate even without the IVA taken into consideration. But I am not a mortgage adviser and others on here may be able to advise you better.