can I still take out a mortgage ?

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Stephen.oo

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Post by Stephen.oo » Sat Sep 18, 2010 12:21 am
If I enter into a IVA, can I still take out a mortgage for a property? and if I can how much will it affect my payments/interest?
 
 

Lisa2009

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Post by Lisa2009 » Sat Sep 18, 2010 12:26 am
Hi and welcome to the forum.

Its very doubtful that you will get a mortgage whilst in an IVA.
The IVA would stay on your credit file for 6 years from the date of it being accepted so you would probably have to wait till after then.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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Broke of London

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Post by Broke of London » Sat Sep 18, 2010 6:36 am
In theory, if your ip agrees you can apply for a mortgage. but as Lisa said it is unlikely you would find a bank to take you on. If your were to get a mortgage it would replace the rent in your expenses. The arrangement fee and other costs prob wouldn't be allowed to go down as expenses. May be best to wait until you finish or at least until house prices are on the up and banks sort themselves out, I'm sure lending criteria will ease off again.
 
 

Shining

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Post by Shining » Sat Sep 18, 2010 6:46 am
Hi Stephen and welcome to the forum. Unfortunately, I also think it would be nigh on impossible to source a mortgage whilst in an IVA and some of us are now finding a remortgage isn't happening for us and in lieu of equity release we're having to pay a further 12 payments into the IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sat Sep 18, 2010 9:21 am
I quite agree with the others that there is no way you will get a mortgage whilst in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

plasticdaft

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Post by plasticdaft » Sat Sep 18, 2010 8:16 pm
Unless you have a very sizeable deposit,no one will give you a mortgage.

And by sizeable I mean SIZEABLE!!

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

kallis3

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Post by kallis3 » Sat Sep 18, 2010 8:19 pm
Even with a deposit I doubt you will get one in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Broke of London

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Post by Broke of London » Sun Sep 19, 2010 5:11 pm
Hi Stephen, if you do have a deposit saved up you might be able to settle with your creditors or some of them and make your debts manageable if not clear them in full.
 
 

kallis3

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Post by kallis3 » Sun Sep 19, 2010 5:23 pm
He will need a huge deposit, and it is unlikely that he will get a mortgage anyway
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Andrew Graveson

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Post by Andrew Graveson » Mon Sep 20, 2010 11:06 am
There is currently virtually zero mortgage availability for an individual currently in an IVA.

The situation for those who have completed an IVA may be improving slightly but efforts to clean-up a credit record, a significant deposit and a realistic multiple of earnings are all essential to avoid paying ludicrous rates of interest.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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