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Mortgage/IVA advice required


Daley
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Hi all, does anyone know a good mortgage company for someone on an IVA?

 

Alternatively, could anyone advise me on the following. I currently co-own a house with a friend, (50/50), and am weighing up my options. We were origionally renting the house out to a girl we know but she`s now moved out, and I`ve moved in. My friend wants to sell his half of the house and its currently on the market for £80k. Im on an IVA and as such require a substansial deposit for a future mortgage, which I would have from the sale of this place....we stand to make roughly £20k each. However, a colleague told me that I could buy my mates share and switch the mortgage to my name, without the need for the deposit. Additionally, I could lump my outstanding IVA debt (I owe roughly £18k but have been told I could settle it for £15k now) onto the mortgage?

 

The ball-park figures are that we owe 36 grand on the current mortgage, if we sold it for 78 we`d clear about £20k each after all fees were paid. If I bought my mate out Id need 36 for the mortgage, 20 for him and 15 added on for my IVA. Does this sound viable?! What other options do I have?

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