Once you have finished the agreed time and payment

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sol

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Post by sol » Wed May 16, 2007 10:14 pm
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Once you have finished the agreed time and payments, are you able to get a mortgage in the future?
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Sadsack

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Post by Sadsack » Wed May 16, 2007 10:28 pm
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Hi sol and welcome

Are you talking about paying up your IVA? If this is correct, whilst you are in an IVA you are able to get a mortgage. However, your interest rates won't be as good as that which you will find on the high street, and you will need at least 15% deposit as being in an IVA, most lenders will only offer 85% LTV.

You will be able to get a mortgage at the end of your IVA as well.

Sue

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MelanieGiles

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Post by MelanieGiles » Wed May 16, 2007 10:30 pm
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Absolutely - having been in a structured repayment plan for five years actually shows creditworthiness in a strange sort of way, but you can expect to be penalised on interest rates for at least two years following the completion of your arrangement. Do shop around for a good deal, as some mortgage providers are less sensitive to this than others.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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