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james bruce
james bruce, Solicitor-Advocate
Category: Law
Satisfied Customers: 4809
Experience:  Owner at James Bruce Solicitors
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Can you get a mortgage if you have an iva, Rochdale, none at

Customer Question

Can you get a mortgage if you have an iva
JA: Where are you? It matters because laws vary by location.
Customer: Rochdale
JA: What steps have you taken so far?
Customer: none at the moment I have various loans and I wanted to consolidate but can’t get a loan my credit score is low and now my land lady is selling the house and giving us first before she puts it on the market
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 21 days ago.
Category: Law
Expert:  james bruce replied 21 days ago.

Hello, I hope you are well. My name is***** am a solicitor advocate and I will be assisting you with your question today. I am very sorry to hear of the problem you are experiencing and I will do my best to help you with this matter.

Customer: replied 20 days ago.
I am wondering if I go ahead with this Iva can I get a mortgage or what can I do
Customer: replied 20 days ago.
No txing me this way is good
Customer: replied 20 days ago.
Can you advise me please
Customer: replied 20 days ago.
Hi James can you advise me on this
Expert:  james bruce replied 20 days ago.

Sorry call offers are auto generated from the site, not from me. I am currently unavailable for calls, but more than happy to continue here.

Expert:  james bruce replied 20 days ago.

Very sorry to say but it is highly unlikely you will be able to obtain a mortgage.

First your credit record as you say is low, that is the first thing a lender will look at, along with other debts you have and the IVA. Tou would be considered a high risk.

Secondly, the only way you can apply for  a mortgage while you’ve got an open IVA is with the agreement of your Insolvency Practitioner (IP)

The standard rule of an IVA is you can’t take out more than £500 worth of credit without their approval and, a mortgage is far more than that.

Expert:  james bruce replied 20 days ago.

Can I assist or clarify anything further?

Customer: replied 20 days ago.
I’ve not taken the Iva out yet so am I best keep paying my debts off to get my credit score back up will I have a better chance my boyfriend has a good credit score and we getting a joint mortgage would that be better for me
Expert:  james bruce replied 20 days ago.

That is always the best way to resolve that problem.

I know it can be frustrating, debts never seem to clear, and rent is often the same or more than a mortgage.

Continue paying them off, try and pay extra if you can, it is surprising how a little extra each month makes a difference on reducing the debts.

Can I assist or clarify anything further?

Customer: replied 20 days ago.
Thank you I will do that and try pay extra off each month
Customer: replied 20 days ago.
Sorry one more question I separated from my husband 5 years ago I had a mortgage with him had to sell it I’m with my boyfriend now been with him 4 years if we got a mortgage would it stop us getting one as I’m legally still married to my x
Expert:  james bruce replied 20 days ago.

It should make no difference with you obtaining a mortgage.

What I would advice caution on as you are still married, is that if or when you divorce, any assist you have can form part of any divorce settlement. Your ownership of property would be disclosed in any financial arrangement.

So you may actually want to consider divorce and clean break order before purchasing a new property.

As you have been separated 5 years, you can use the 5 years separation ground for the reason for divorce. The ex does not have to agree to the divorce, you can do it automatically without his consent after 5 years separation.

Customer: replied 20 days ago.
When we sold our house we had together he got what he was owed out of it and I got more I work for the nhs and I have a lease car so we don’t have any thing together no more we sold everything we only have kids and grandkids out of the the marriage now
Expert:  james bruce replied 20 days ago.

I understand, but if a divorce takes place and you have a new house that will still be taken into consideration in financial settlement. He most likely will not gain form it, but it is a possibility you need to think on thats all.

Customer: replied 20 days ago.
Ok thank you I will start the divorce too straight away
Expert:  james bruce replied 20 days ago.

Your welcome, good luck.

Thank you for using Just Answer and for allowing me to assist you with your legal enquiry. I am pleased I was able to be of assistance. Please do not hesitate to come back to me for further advice on this or any other legal matter. It will be my pleasure to be able to assist you again.

Customer: replied 20 days ago.
Thank you so much for your advice and I have taken all this on board and will do this thank you once again for your advice
Expert:  james bruce replied 20 days ago.

your very welcome.