www.iva.co.uk

I'm now moving in to the final year of my IVA and yes its been tough but I'm thinking more about the future now and after the 6 years from the beginning of my IVA is up will I be able to get a normal 'High Street' mortgage?

dcl

Well done getting to this far with your iva. In answer to your question it is probably unlikely that you could go and get what you term a "high street" mortgage at present. Having said that your case would be looked at on an individual basis and rates offered to you accordingly. There are some good deals available and all lenders whether "high street" or otherwise have to work along the same lending criteria so please don`t be put off by the fact that you may not have heard of the lender. Hope this helps. Tony

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Hi dcl,

Well done on working through your IVA to the point that you're planning your future finances.

Tony's spot on as always. Your credit record will be cleared of the IVA six years after you entered into it.

"High Street" mortgage doesn't necessarily mean best or cheapest mortgage and a good broker will guide you to the best option for you.

If you are not currently a property owner we'd all recommend that you save as much as you can as soon as you can towards a deposit.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

What mortgage products will be available to you will be dependant on your personal circumstances including; loan to value required and your income.

After six years your IVA will not have an adverse affect on a mortgage application and you may well be able to walk into Halifax or The Woolwich and arrange a mortgage on the spot (obviously this depends on their product criteria at the time), but as both the guys have already explained, this is not always the best option.


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Thanks for the advice. I intend to spend the year after my final year saving my deposit as I earn a decent wage and will have what I was paying in to the IVA each month to put away. Then after the 6 years I will look to get a mortgage and if I have a bigger choice (i.e can include high street lenders) then hopefully I will get a good deal.

dcl I would always suggest speaking to a broker who can search the 'whole of market' for you, the search will include High street products IF they are available to you based on your circumstances.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

Mike, I will probably use a broker when the time comes because I want to get the best financial deal possible. Although I am an analyst by trade and do like to do lots of my own research first too [:)].

Good plan dcl

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf