how difficult will it be to get a mortgage?

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Post by Est2680 » Mon Jun 28, 2010 4:37 pm
Once I complete my IVA how difficult will I find it to be able to get a mortgage bearing in mind that I am already 43 yrs old.


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Post by justsurviving » Mon Jun 28, 2010 8:59 pm
The thing is an IVA will absolutely trash your credit rating for 6 years from the date your IVA starts so no mainstream lender will even consider you until then and even then your credit rating will need to be built up again. That coupled with the fact that most lenders will now only lend a maximum of 85% of the property's value will mean a 15% deposit which you'll find difficult to save in an IVA. You will be able to get one with an adverse lender but as you are 'higher risk' their interest rates will also be substantially higher than high street banks and building societies.
An expert may be able to advise better but that's how I understand it to be. Sorry it's not a more cheerful post.
Last edited by justsurviving on Mon Jun 28, 2010 9:00 pm, edited 1 time in total.
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