worried about getting a mortgage n the future

[gen]

I Currently hold about £15k of debt on a debt management plan. I am looking into an IVA. But I am worried about the implications this may have on my credit rating,most importantly my ability of getting a mortgage n the future.
Could you advise?

[luluj]

If you can manage on a DMP rather than the IVA or Bankruptcy route then you should see no ill-affect on attempting to gain a mortgage.

[Lisa2009]

You can still get a mortgage whilst in an IVA but you may be subject to higher interest rates. This can be done through a mortgage broker.

Your credit rating will be wiped clean 6 years from the day the IVA is accepted so you would then have the option on transferring to a better rate.

Failing that you could enter an IVA and wait the 6 years and then get a mortgage.

mrs skint

[Welsh Boy]

gen

You can get a mortgage whilst in an IVA but you would need permission from your IP.

The rate would be dependant upon your own particular circumstances, each case is viewed on its own merits.Tony

[iva experts]

Hi Gen,

An IVA would remain on your credit report for a period of 6 years from its commencement. It is possible to gain a mortgage whilst in an IVA, however firstly you would need express permission from your I.P.

If you wanted to gain a mortgage you would not be able to approach a High St lender as you IVA will show on your credit rating, so it would be best to contact a specialist mortgage broker.