looking to buy our first house

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rebecca w

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Post by rebecca w » Mon Jun 30, 2008 3:04 pm
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Hi there, ive an IVA in place, got about a year and and a half left on it. My boyfriend and I are looking to buy our first house. Is this going to be possible or should i wait until its completed? If i have to wait until its completed whats the likelyhood of us obtaining a mortgage off the general high street?

Many thanks
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Viki.W

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Post by Viki.W » Mon Jun 30, 2008 3:08 pm
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Hey there rebecca, welcome to the forum. You need to consider all the costs involved, are you getting funds from a third party for the deposit and legal costs etc? I would be inclined to wait as you don't have long to go but that's just my opinion and I really think you will probably get the same deal now or at the end of your IVA as your IVA will still be on your file. Don't forget you need to make sure that it doesn't affect your IVA payments. Please wait for an expert to advise you. Good luck, Viki X
Last edited by Viki.W on Mon Jun 30, 2008 3:09 pm, edited 1 time in total.
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plasticdaft

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Post by plasticdaft » Mon Jun 30, 2008 3:33 pm
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Remember that your credit rating will be ropey for a year after your IVA at least so I wouldnt put it off til then just to get a better rate for your mortgage. You will maybe need a bigger deposit but the rate you get shouldnt be too bad. Remember that your mortgage payments(or your half of) shouldnt be more than you are paying for rental just now,to keep your IP happy.
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