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Posted: Wed Apr 23, 2014 5:35 am
by Ian.wm
Hi, I have just started an IVA, with debt lifeboat. I am currently paying £450.00pm for a privately rented house.
The question is, will I be able to get a mortgage, as I know the repayments will be less for a mortgage than the rent.
Obviously the difference in payments will go into the IVA.
Thanks for your time.
Regards
Ian
Posted: Wed Apr 23, 2014 7:47 am
by Foggy
Hi Ian. Not while you are in an IVA or the IVA shows on your credit files, I am afraid.
Posted: Wed Apr 23, 2014 7:50 am
by UpToMyNeckInIt
The general consensus is that you will stand no chance of getting a mortgage whilst in an IVA.
The damage to your credit file will simply be too severe.
Even existing IVA customers with a mortgage are typically unable to remortgage.
You will need to look to 6 years from now, once your credit file recovers, to even contemplate a mortgage.
Posted: Wed Apr 23, 2014 2:01 pm
by plasticdaft
People with decent credit ratings are struggling to secure mortgages,so tarnished people(myself included in the harsh description) have no chance!
Paul
Posted: Wed Apr 23, 2014 4:43 pm
by Ian.wm
Thanks for the reply guys.
Posted: Wed Apr 23, 2014 6:57 pm
by luluj
Never say never, and don't always take the advice from us non-experts. We do have two mortgage brokers on the forum who will confirm the actual position for you based on your circumstances etc.
I do however share the opinion of others that whilst in an IVA it will be difficult.
If you wanted to contact the two forum experts their contact details are here
http://www.iva.co.uk/forum/forum_experts.asp
search for Ryan and Shaun