IVA affect my chance of obtaining a mortgage

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ktb

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Post by ktb » Mon May 14, 2007 6:41 am
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Will having an IVA affect my chance of obtaining a mortgage or other credit, either in the future or during the period of the IVA agreement?
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Adam Davies

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Post by Adam Davies » Mon May 14, 2007 8:56 am
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Hi
You will be able to obtain a mortgage whilst in an IVA but you will need the permission of your IP and a deposit of at least ten percent.This deposit must come from a third party[family,friends].The payments on your new mortgage must not affect your ability to pay your IVA.
You are not allowed to take any unsecured credit whilst in an IVA unless your IP allows it[you will find it hard to find a lender].
The IVA stays on your credit file for six years[from start] and after that you should be able to obtain credit again.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp
Andam Davies
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