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Posted: Wed Jan 30, 2008 2:02 pm
by sean.b
Does applying for an IVA affect getting a mortgage once the debt is paid?
Posted: Wed Jan 30, 2008 3:14 pm
by ianmillington
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
Posted: Thu Jan 31, 2008 1:09 am
by Andrew Graveson
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.
Posted: Thu Jan 31, 2008 8:27 am
by mikebdomain
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.