To think I could get a mortgage...

[user1471481959]

After a horrible divorce I was left with no choice but to get an IVA. This was in 2018 have never missed a pay ment and I have two and a half years left to pay it.

However I am currently paying £800 rent and I would love to be able to buy. My parents are willing to lend me a 15% deposit. I haven't been brave enough to ring a mortgage advisor yet but realistically could I get accepted for a mortgage?

The mortgage lender will lend with an IVA

This is the broker I'm using (they are NOT cheap) and are very very good
https://www.simplyadverse.co.uk/mortgage-with-iva

IVA and gifted deposit will probably make it a no, I'd have thought.

Getting a mortgage with an IVA is tricky enough because not many lenders do it, but to also have a gifted deposit would probably tip it into a decline I'm afraid. As PPs have said, I'd pay the IVA off with the gifted money and then save hard OR wait til the IVA is over.

Be prepared though that the IVA being on your record will still make your choice of lenders smaller, even after it's finished, and therefore a gifted deposit as well might mean a high interest rate. Definitely definitely see what your adviser says - some lenders will take a more holistic view of finances so I'd be reluctant to say it's impossible!

My sister is in a similar situation; first, she read about the mortgage, then she just paid off his iva and now has a deposit to put down on the house. She received advice from a broker who advised him to wait a year for better interest rates.