Iva and mortgages

[Hovish]

Hi,

Hopefully the experts can help me with this question. My husband and I want to buy a house but have decided to wait until our IVa is paid in full, as the interest rates are high if you have an Iva.obviously we would be in a better position to buy then aswell (thinking sensibly for a change). Do you know if we would get a better interest rate then or would it still be high just because we had a Iva in the past.

Tnanks

Paula

[Jo Rolland]

The IVA will remain on your rating for 6 years from inception, so immediately after it has finished it would possibly have some bearing on what you may be able to obtain.

You would probably not get a 100% mortgage especially given the current climate. Some sub prime lenders have reduce the LTV's drastically of late. You would probably need to save a deposit, and the better the deposit, the better the mortgage product may be.

I have known of people post IVA/Trust Deeds obtaining mortgages back with High Street lenders at competative rates.

Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk

[Hovish]

Thanks Jo for your reply. We would not be expecting to get 100% mortgage anyway, but we are going to save every spare penny to put towards a deposit.