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how will an iva effect my ability to get a mortgage in the future and how long would it prevent me getting a mortgage for?

Hi glenn

It will not affect your ability to get a mortgage, but you may be penalised on the rate a little depending upon the attitude of the lenders available at that time.

There are many good brokers who would be able to help you with this when the time is right.

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

Hi Glen and welcome to the forum, as Melanie has already correctly stated an IVA will not affect your ability to get a mortgage as long as the IVA has been carried out satisfactorily.

One of our lenders approaches the subject of IVA's this way:

"An applicant is acceptable if they have entered into an IVA which has been satisfactorily conducted or satisfied. A trust deed (Scottish equivalent of an IVA) remaining outstanding must be repaid in full upon completion with the trustees consent. An IVA will be deemed to have been conducted satisfactorily if the credit search shows it is still outstanding with no note that it has failed. If the search shows the IVA failed within the last 12 months, the application will be declined"

Other have slightly different criteria, bottom line is as long as you have paid into your IVA properly there will be no problems obtaining a mortgage as long as you have the permission of your IP.

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