Will I be able to get a mortgage ?

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Ian.wm

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Post by Ian.wm » Wed Apr 23, 2014 5:35 am
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Hi, I have just started an IVA, with debt lifeboat. I am currently paying £450.00pm for a privately rented house.

The question is, will I be able to get a mortgage, as I know the repayments will be less for a mortgage than the rent.

Obviously the difference in payments will go into the IVA.

Thanks for your time.

Regards

Ian
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Foggy

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Post by Foggy » Wed Apr 23, 2014 7:47 am
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Hi Ian. Not while you are in an IVA or the IVA shows on your credit files, I am afraid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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UpToMyNeckInIt

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Post by UpToMyNeckInIt » Wed Apr 23, 2014 7:50 am
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The general consensus is that you will stand no chance of getting a mortgage whilst in an IVA.

The damage to your credit file will simply be too severe.

Even existing IVA customers with a mortgage are typically unable to remortgage.

You will need to look to 6 years from now, once your credit file recovers, to even contemplate a mortgage.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
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plasticdaft

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Post by plasticdaft » Wed Apr 23, 2014 2:01 pm
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People with decent credit ratings are struggling to secure mortgages,so tarnished people(myself included in the harsh description) have no chance!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Ian.wm

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Post by Ian.wm » Wed Apr 23, 2014 4:43 pm
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Thanks for the reply guys.
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luluj

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Post by luluj » Wed Apr 23, 2014 6:57 pm
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Never say never, and don't always take the advice from us non-experts. We do have two mortgage brokers on the forum who will confirm the actual position for you based on your circumstances etc.
I do however share the opinion of others that whilst in an IVA it will be difficult.

If you wanted to contact the two forum experts their contact details are here http://www.iva.co.uk/forum/forum_experts.asp
search for Ryan and Shaun
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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