www.iva.co.uk

Hi Im in the process of paying a Full and Final payment to end my IVA 2 years early, I have a mortgage already and wanted to know that if I already have a mortgage would I be able to get another or port the mortgage or do I still have to wait for 6 years of the start of the IVA before I can borrow anymore? My mortgage and IVA were in my name solely and did not include my wifes income. I would look to get another mortgage if possible with my wife this time round

Hi. Your credit record will be totally shot until that 6th anniversary and it would be very unlikely that you will be able to secure a mortgage before then, especially if you are looking to increase your lending.

A quick chat with either Ryan and / or Shaun, who are both whole of market brokers with experience in placing mortgages for ex-IVA'ers, might be useful in paving the way.

You can find their details under the "Ask a Question" button (top left) and scrolling down to the experts details section.

Certainly worth a conversation with Ryan and/or Shaun as foggy suggests.
Never say never ... with a good deposit and a completion certificate it might be possible.

Thanks for the advice, we really want to move (for family reasons) and have been told that we can move our mortgage at the moment which is 8 years old (port it) to a new property with our existing lender and use the equity as deposit but in reality we would still need to borrow but no more than 85% ltv and while in the IVA they wont allow this but on completion they havent metioned wait another 2 years until its 6 years old.
The reason we were put in the IVA was that my wife couldnt work from ill health and overnight we were £1000 p/m down and instead of getting help straight away we had debt consolidtion loan after another until it became unworkable. In the last year tax credits have finally sorted out our payments and between this and csa payments we are actually better off than before the IVA which is good. With my current mortage payment and the IVA monthly payment we realistically could afford a bigger mortgage easily but is there a better option to borrow the extra money than a mortgage as in reality would only need £25-£30K on a new house purchase as we would have a 20-25% deposit, I didnt know if its possible to continue with my old mortgage (at decent rate) and borrow the extra with a loan or secured loan in my wife's name which may be a cheaper option?

As advised have a chat to Ryan and/or Shaun