Can you get a house under debt review?

A common concern among individuals under debt review is whether they can still secure a house. Debt review is a formal and closely managed debt solution aimed at providing relief to over-indebted consumers.

While under debt review, your ability to take on additional credit is restricted, as the process is designed to help you repay your existing debts in a manageable way.

Getting a house under debt review can be challenging, as most traditional lenders may be hesitant to extend a mortgage to someone with an ongoing debt review process. However, there are specialized lenders who may be willing to work with individuals under debt review, although the terms and conditions of the mortgage are likely to be less favorable compared to those offered to individuals with a clean credit record.

It's important to note that taking on additional financial commitments while under debt review should be carefully considered, as it can impact your existing debt repayment plan and financial stability. Before pursuing a mortgage while under debt review, it's advisable to consult with a financial advisor or debt counselor to fully understand the implications and explore all available options.

In summary, while it is possible to get a house under debt review, it's important to approach the process with caution and to fully understand the potential impact on your overall financial situation.

​​If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic.