darren334 wrote:Hi we've got a mortgage with Nram and were wanting to change hopefully for a better rate, but having an iva will this restrict our chances? Can anyone recommend any mortgage companies or point us in the right direction thanks
Hi. I am afraid you are stuck with your current lender until you finish the IVA. You will have no chance of changing lender with the IVA active, and then only a slim chance after completion and before the IVA clears from your credit files. Once cleared I would suggest a chat with a whole of market broker with specific experience in applications from those with an IVA in their past. We have two such who advise on the forum: Ryan and Shaun.
I have to agree with Foggy. Although there are specialist Lenders who may 'consider' lending whilst you are still in an IVA if you have plenty of equity it would be at a higher interest rate than you are paying currently. Once your completion certificate has been issued is the time that we could look to obtain 'normal' mortgages with some High Street Lenders.
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