Will it be worth while to live temporarily with parents to save for a mortgage ?

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Carrissa

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Post by Carrissa » Thu Oct 06, 2016 6:54 pm
My husband and myself are £2800 short of completing our Iva we are considering moving back with parents temporarily to clear this which without any house bills we should be able to do comfortably and quickly.We are thinking of doing this so we can save for a mortgage, now it is going to be very cramped so its not going to be easy but what i want to know is this going to be worth while are we likely to be able to get a mortgage? as i am worried we will move out of our rented accommodation and not be able to get back into it as we struggled to find a property that was willing to accept a family with an IVA, we lost many fees due to this (which is unfair as we were ufront about our IVA from the start) my husband and i are both under 30, what do you think our chances are?
 
 

Foggy

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Post by Foggy » Thu Oct 06, 2016 7:22 pm
If you complete early you will still have the IVA on your files until the 6th anniversary from the start and, realistically, a mortgage before your records clear will be expensive and lenders few and far between. If this is the only reason I would say keep going with the IVA as nothing will be gained for the extra discomfort. Added to this, any money you save should, by rights, be paid into the IVA as an increased payment --- the creditors have agreed an amount for, for instance, rent, so that is where it should go -- no rent, no allowance for rent = increased IVA payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

luluj

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Post by luluj » Thu Oct 06, 2016 7:25 pm
Totally agree with foggy.... I would hangfire and see your iva out.
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Carrissa

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Post by Carrissa » Fri Oct 07, 2016 8:50 pm
We was thinking of clearing the iva straight away paying back the amount we owe from the deposit we would get back from this property we rent, then go on to save for a mortgage. We thought you had to be just a year clear of your IVA to then start building back up good credit and for it to be wiped clean from our records hadn't realised it would still be 6 years no matter wether we clear it now or in 6 years time.
 
 

Foggy

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Post by Foggy » Fri Oct 07, 2016 9:03 pm
Afraid it is 6 years from the start whether you pay off early or not --- I have been out 3 years and my "due date" is the end of December this year !!
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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