Hi, I'm planning to start an IVA. I know it doesn't involve secure debt, however I have a property and my mortgage is on discounted rate until July 2010. After that I want to remortgage with different bank to get better rate.
Is IVA going to have an effect on my application? Is mortgage company likely to refuse my mortgage application if I'm in IVA?
I think you will find it very hard to get another Mortgage agreed with one of the main providers once your IVA is in place as your credit history is shot to pieces for 6 years.
There is a firm called Brightoak who specialise in Mortgages and if they cannot help nobody can. I think they post on here as welshboy
Just wanted to welcome you to the forum and hope that you do manage to find the right advice. Keep posting to let us know who you ultimately choose, and how your case is progressing into the future.
Your existing mortgage provider will probably offer you the new rate which will be substancially less than your current rate - I don't think you have anything to worry about.
Rayb - Brightoak and Welshboy are different firms and it is Welshboy that does the mortgages.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
