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Once the 6 year period has passed, if I was to wait a few years (4 or 5) and rebuild my credit rating back to normal, would I be correct in saying that there should be no reason why I couldn't get a 'normal' High Street morgage?

Quite probably, providing you do not fall into difficulties in the meantime.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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Sorry about the typing errors - 'Mortgage'!

Thanks Melanie.

Hi russie,

Some lenders offer "credit repair" mortgages. The idea is that you take a mortgage from the lender for, perhaps, two years at the rate they feel is appropriate based on your credit history. If you make every payment on this mortgage on time they guarantee that they will move you onto a 'prime' mortgage next if you decide to stay with them.

This could also potentially be used in the early stages of an IVA to help ensure that the later stages of an IVA are not risked by high mortgage payments.

By the way a 'High Street' mortgage does not necessarily equate to a cheap mortgage. There are lenders out there who do not have an expensive high street presence and can therefore pass these savings on in the form of lower interest rates. Typically these lenders are found using the services of mortgage brokers as many are not very well known or do not accept applications direct from the public.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

Russie

We have been providing credit repair mortgage services for years and can confirm the strategy does work. However, if you maintain your mortgage payments and ensure they are always paid on time or slightly before the due date, there would be no reason why you couldn’t walk into any high street lender 13 months after the successful completion of your IVA and obtain a mortgage.

As Andrew quite rightly states, not all high street products are ‘cheaper’ or necessarily the best option, quiet a few of the high street lenders do not offer full advice and will only offer you a range of products based on your answers to a few scripted questions.

To get the best of both worlds it is advisable to talk to a mortgage broker who offers mortgage products from the ‘whole of market’ they will find and offer you a high street mortgage product, if there is one that is best suited to your circumstances.


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