Tara advised that she is currently in an IVA and is looking to move later this year. Once the mortgage is paid off she will have enough leftover funding to pay off the IVA. What sort of effect might this have on her prospects of getting a new mortgage?
It will be difficult (but not impossible) to get a mortgage while the iva is on your record.
It is advisable to speak to a mortgage broker with experience of identifying mortgages for people in iva's. Luckily the forum has two experts in Ryan from Zebra Money and Shaun. Their contact details can be found under ask the expert on the left or via the members a-z list.
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Hi Tara,
If you are in this position, you possibly could get a mortgage, but you would need at least 40% deposit, possibly 50%.
This is if the IVA is still on your credit report.
Happy to talk it over if you want to call me, my number is below
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Just because you've paid off your IVA it wont let you off the IVA hook. Being realistic whilst your IVA is on your credit record, mortgages are all but a nightmare. I think it's fair to say no high st lender will touch you with a barge pole and even then you'll suffer with a high interest rate.
On the plus side when you have disposed of your IVA from your credit record, I'm sure Ryan could help you with a regular mortgage at near regular interest rate and he's helped many ex IVA'ers
Was reading one the high st lenders (the big one) mortgages terms, even to obtain an IVA during the mortgage term, they have the right to enforce the sale of your property. At a guess this to mean you dare to screw over any unsecured creditor within the banking group, we will get you...
Indeed big ludicrous deposit and way above average interest rate,if you can swallow that then you can get a mortgage with the Iva on your record.
Even after the record is removed these are the rates to go for.
In a land of low mortgage rate.
3.19% average 2 year fix
2.99% 10 year fix
2.16% Tracker
'5% Help to buy' probably not possible.
Paying high interest is not on.So don't pay above the odds in any circumstances.
