www.iva.co.uk

I completed my iva early with a full and final settlement, I have a mortgage which has been kept up to date, we have a small house and a growing family, but need now to wait 3 years before we can apply for a mortgage to move up to a bigger house, my question is... If we sell and pay off the mortgage and move into a rented house, will this affect our chances of getting a mortgage in 3 years time?

Hi - can you not afford to carry on as you are for 3 years and then just move the mortgage to the new property?

Speak to Ryan or Shaun who are the mortgage experts on here for mortgage advice.

Not directly, your chances are controlled by the old IVA in any case. However, getting back on the ladder is, and always has been, notoriously difficult. Prices will rise ( Brexit allowing) and your income probably won't keep pace.

I hope that in 3 years when the iva and defaults off our creit file we will have a chance at buying a bightdp house, I was just looking for a solution in the meantime as I got 2 children sharing a box room which won't fit full size bunks and eldest is head to toe on the headboards of her bed! But I don't want to give us this house if it means never getting back on the ladder!

We sold and went into rented, waited for iva to come off records and got a mortgage through Ryan ..so yes it is do-able.

Was that a normal mortgage or was it at a much higher rate, if you don't mind me asking?
How long did you wait?

It was at a normal rate and with high street lender.

I would personally think it will be harder to get back on the ladder once you have come off it.

Hi,
As a guide, if you rent or have a mortgage you will not be looked at any differently.
The issue in my opinion it that once out of the market, if prices go up you do not benefit and you may sell at a low price and then buy at a high price.
An option, why not rent out your existing home and rent another yourselves.
This covers all options for you

Just to add to this topic. I recently settled my iva but it's not due to come off my credit file until Jan 2019. Can I get a mortgage or at reasonable rates too. Also how best can I go about working towards getting a mortgage?
Thank you.

Hi,

Give Ryan a ring to see if he can help you.

Sharon i know what you mean about out growing your home. Its no fun. If you can get a bigger place through rentingbwhere youll fit, grow and be happy and can afford I would do that. If already cramped then another 3 years is gonna be miserable for you all. What will be will be in a few years, noone knows the future. Im squashed in a 3 bed with a teen sharing with her little sister. We would rent but nothing bigger in our area that we could afford so having to stay put but if you can do it then look into it. Situation re: mortgages a few years down the line isnt certain so be happy now.