Does applying for an IVA affect getting a mortgage

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sean.b

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Post by sean.b » Wed Jan 30, 2008 2:02 pm
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Does applying for an IVA affect getting a mortgage once the debt is paid?
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ianmillington

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Post by ianmillington » Wed Jan 30, 2008 3:14 pm
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It can do because the fact that you entered into an IVA can stay on your credit rating for 6 years. Some lenders are quite amenable, however. Birmingham Midshires for example seem quite happy http://www.askbm.co.uk/mortgages/credit ... /intro.asp

Shop around though

Ian
Ian Millington
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PDHL Ltd (formerly Personal Debt Helpline Ltd)
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Andrew Graveson

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Post by Andrew Graveson » Thu Jan 31, 2008 1:09 am
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An IVA is likely to have an effect on the cost of remortgaging for six years from the date the IVA starts.

As Ian says shopping around pays. Lenders active in this market are not necessarily household names and for that reason mortgage brokers can be useful in finding the best value and most appropriate arrangement for you.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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mikebdomain

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Post by mikebdomain » Thu Jan 31, 2008 8:27 am
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The mortgage products that will be available to you are reduced by the fact that you have previously had an IVA, and of course the rates of the products that are available will reflect the adverse credit record that you will have.

Time wise the further you distance yourself from the date of completion of the IVA, the more products become available and rates get better.
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