Right to buy / IVA on file

SAMSONFIN13

Unfortunately i took out an IVA just under 6 years ago (it would end in October after 6 years) but i borrowed money from partner to pay it approx 6 months early because i put in for the right to buy on my council flat before the change in rules at the start of the new tax year.

The right to buy price has come through at 30k which is a 70% discount, i spoke to a mortgage broker and they cant find a suitable lender
Even though the IVA has  been paid in full with no missed payment or anything the broker is saying that i still need to wait till October, i cant do this as i have a 3 month deadline from the council to complete the purchase (approx 2 months of this left now)

The broker said i fitted the requirements of one lender but that lender lends a minimum of 50k but wont lend more then the 30k price the council have put on the right to buy, this makes no sense to me as the actual value of the flat is 100k (i'm happy to borrow the 50k if thats the only option

I'm in full time employment earning reasonable wage and have been in the same job for over 10 years.

Surely theres a way of doing this as in effect i'm putting down 70% deposit??
Thanks for any help

sammyjammy

The lenders for right to buy are generally limited, add your IVA to that and the broker is probably right but you could try another one.

Too late now but why did you have an IVA if you live in rented accommodation?  Was it related to your job?

ACG

The problem is that a small loan has no real profit for the lender. 
A low value suggests not much demand. 

Appreciate that is not always the case, but lenders tend to work on general rules rather than one rule for one etc. 

The above combined with the IVA is tricky. 

I think the lender they had in mind wa probably Bluestone and they are right the loan size is too low for them. 

I think there maybe another 2 lenders who might consider it. Speak to another broker, get a second opinion.