Reading up on mortgages

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Ajay1992

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Post by Ajay1992 » Mon Dec 07, 2020 2:04 pm
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Whilst I am fresh in my iva with a hope of buying my first property with my partner when I have finished I have been reviewing many main stream lenders. Whilst a few ask the question have you ever made agreements with creditors, which the answer would be yes. Some only seem interested if you have been bankrupt within 6 years. Of which whilst an iva is insolvency it isn't bankruptcy. This has been one of the most reassuring factors on my very little journey so far. With iva's seemingly becoming more mainstream this could well change in the years to come, either negatively or positively to the point that the questions may not seem relevant at all. Just my take on things.

Ant
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Foggy

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Post by Foggy » Mon Dec 07, 2020 2:32 pm
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As you say -- it all depends on the framing of 'that' question. Apart from the timescales questioned, some will ask about bankruptcy, others will widen the query to cover IVA's, or any other arrangements or compounding of debts (which covers most things).

I would imagine, after the covid dust settles, IVA's will, again, be on the increase. Whether this will make lenders more accepting of them or more prudent in their lending in the first place, only time will tell.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Ajay1992

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Post by Ajay1992 » Mon Dec 07, 2020 5:21 pm
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Mon Dec 07, 2020 2:32 pmFoggy wrote:
As you say -- it all depends on the framing of 'that' question. Apart from the timescales questioned, some will ask about bankruptcy, others will widen the query to cover IVA's, or any other arrangements or compounding of debts (which covers most things).

I would imagine, after the covid dust settles, IVA's will, again, be on the increase. Whether this will make lenders more accepting of them or more prudent in their lending in the first place, only time will tell.

I would like to think that given the increase in "popularity" and the various ads of getting debt free quick with a % written off I would like to think that in the future lenders would be a lot more forgiving. Although the fact they are no longer under the radar could also have negative effects.
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luluj

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Post by luluj » Tue Dec 08, 2020 3:45 am
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The use of brokers such as Ryan and Shaun that post on the forum and who have helped so many gain mortgages after the conclusion of their ivas is important.

Nearer the time approach one or both and seek their help / guidance on how to move forward.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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