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Mortgage during an IVA?

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LeahBarr
LeahBarr Posts: 12 Forumite
in Mortgages & endowments
Hi all,

just wanting some advice.. has anyone ever managed to get a mortgage during an IVA?

Comments

  • Neutrinno
    Neutrinno Posts: 310 Forumite
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    Yes, but you would need to repay your IVA.

    Are you looking to purchase or remortgage?
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,562 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    As the IVA is a a form of insolvency,you can not take out any new credit whilst the IVA in in force.
    as Neutrinno says it can only be done if the IVA is being cleared, rate wise, you are probably talking in excess of 6.5% but quite possibly 1-3% above that depending on the details.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Are you talking about a remortgage or a new mortgage?

    If its a new mortgage then 100% no - as you would need a substantial cash deposit, which you should not have if you are in an IVA. If its a remortgage then I would think so, with the same lender.
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