It may be possible, but no-one knows what will happen within the mortgage industry over the next few years. At present the maximum loan to value available to anyone in an IVA is around 75%.
The crucial thing will probably be the loan to value ratio if we were to use the current lending criteria.
As Melanie says nobody knows what the marketplace will be like in a couple of years, but if we use current lending criteria then the answer wuold be yes you can apply for mortgage funding with an iva on your credit file. Obviously there would be other points to be met i.e. affordability amongst others, you would have to meet the lenders lending criteria. Tony
F.P.C. 1,2,3 Qualified
Financial Planning Certificate
CeMap Qualified
Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Debt Advisory 4U
Principal : All Mortgage Products
Hi
You can take another fixed deal if your existing provider offered it or just drop into their variable rate.
You would find it difficult to move to another mortgage company because of your IVA
Regards
What I mean is you would have to watch and not tie yourself into a fixed rate for a few years if you were to need to remortgage a further year down the line as you would may have penalties to pay.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
My fixed rate ends in feb. I realise my payments will be less if the interest rates stay the same but do i notify my ip straight away or will the saving be mine until my annual review? also does anyone know if it is sraightforward when you stay with the same company or can they refuse the mortgage
If you are just moving onto the current lenders SVR then they cannot just rip up your mortgage deal.
Let your IP know right away or put the savings aside if you can and then come review time you will have the money to pay over or a little lump sum saved up!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Let your IP know if your mortgage goes down - it's then up to them if they want any of the extra money, ours didn't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree with the other posters. I prefer my clients to tell me as soon as the saving (or increase) is known, and we can then work out together how best it is dealt with. If the reduction is significant, it is only fair that you increase your IVA payments by the corresponding saving.
