With 7 months left, would I be able to take out a new mortgage ?

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gemma
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by gemma » Sat Apr 08, 2017 5:49 pm
Hi
I have 7 months left in my IVA (November). Since taking iut the IVA I have married and extended my family. The IVA was taken out solely in my name. The house we live in is now too small. We want to move house and relocate to somewhere where we would get more house for our money. Would I be able to take out a new mortgage with my husband if I was making the same payments as I am currently to my IVA?
I have just had the house valued at £110,000 and there is £93,500 owing on the mortgage
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kallis3
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by kallis3 » Sat Apr 08, 2017 6:02 pm
Hi,

I would not recommend taking out joint credit until your record is clear but have a word with either Ryan or Shaun our mortgage experts for some advice.
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Foggy
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by Foggy » Sat Apr 08, 2017 6:31 pm
You would need your IPs permission first -- then you will have to consider the fact that the equity still needs to be addressed. Added to this it is extremely likely that you would fail any credit check, unless going to a (rare) lender who will be charging an eye watering interest rate.

Best to wait until the IVA is done and dusted and then , as Kallis suggests, having a word with Ryan and / ot Shaun.
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Lisa Thomas
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by Lisa Thomas » Mon Apr 10, 2017 2:20 pm
bear in mind some IP firms take up to 6 months to issue your CC and then it takes up to 3 months for you to come off the IVA registered so you could have up to 18 months wait before your credit files are tidy enough to try and remortgage.
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