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If i went ahead with an IVA will this have an effect when i come to take out a mortgage

You will only be able to take out a mortgage whilst in an IVA with the permission of your IP, and then only if it will not mean reducing your IVA contributions. You will not be able to get a mortgage from a 'normal' high street lender, although there are brokers out there who will be able to help, albeit at a slightly higher interest rate.

Four down, fifty six to go until freedom!

Claire

If you went into an IVA it would not stop you being able to take out a mortgage as long as your IVA was "conducted satisfactorily", the same applies if you presently have a mortgage and would want to re-mortgage your property. The rate would take into account the IVA but nevertheless would still be competitive.

claireg

And don't forget that you are unlikely to be offered a 100% mortgage whilst subject to an IVA, and you will be unable to save up for a deposit. So you will really need to look to a third party contribution if you want to take out a mortgage whilst being subject to an IVA.

If the IVA has successfully been completed by the time you make your application, it is unlikely that this will seriously affect your ability to get funding - and this will diminish further as time runs onwards. The mortgage broker I regularly recommend clients to is getting some very good deals for ex-bankrupts and IVA candidates at the moment, in a growing and therefore competitive marketplace.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Had my mortgage offer today [ I am three years into an IVA and remortgaging to offer a full and final settlement]so just the creditors meeting to go.Found it very easy to get this offer and have got a fixed competitive rate,backing up Melanies statement.
Regards