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is a mortgage possible during an IVA?
kaybt
Posts: 5 Forumite
our landlord is selling up, has offered us a cheaper price (as we have no deposit) to help us out if we wanted to buy it.
but we are in an IVA - so where would even consider us?
Housing situation is stressful...
The council wont accept us for housing as we are just above their household income line! and there is nothing on the housing association coming up.
Some estate agents want ridiculous amounts for fees, and again for guarantors ( as we have an IVA) to earn and no one would really want to guarantor a 12 month rental for anyone that I know of! and private lets in the area are few and far between.
have kids at a local school and really cannot think about moving them right now
any help appreciated especially if you may know of any chance we could get a mortgage! our IVA company said it is unlikely but some will consider us - but that's all they said . x
but we are in an IVA - so where would even consider us?
Housing situation is stressful...
The council wont accept us for housing as we are just above their household income line! and there is nothing on the housing association coming up.
Some estate agents want ridiculous amounts for fees, and again for guarantors ( as we have an IVA) to earn and no one would really want to guarantor a 12 month rental for anyone that I know of! and private lets in the area are few and far between.
have kids at a local school and really cannot think about moving them right now
any help appreciated especially if you may know of any chance we could get a mortgage! our IVA company said it is unlikely but some will consider us - but that's all they said . x
0
Comments
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No, you will not be able to enter in to a mortgage whilst under an IVA, unless well backed by a huge deposit from a third party and paying through the nose on interest.0
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Hi Kaybt,
I am afraid a mortgage is very unlikely. The IVA will be causing a lot of damage to your credit file, it also affects your affordability assessment for the mortgage and, with no deposit, the risk factor is very high from a lenders perspective.
You could try a free, independent mortgage broker (if you can find one) and take some advice but just bear in mind what you already know.
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thanks all. I had gathered this It is just playing on my mind with the situation! >< XX0
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How about a family member then move to you after the iva is complete0
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