will I be able to take out a mortgage later

[jean.b]

If I am able to take out an IVA with the intention to repay my debts in full in the shortest possible time, will I be able to safeguard my right to take out a mortgage later in life? am I compromised in the same way as I would be if I became bankrupt.

[mikebdomain]

Hi jean and welcome to the forum,

Yes, you will be able to take out a mortgage later - or even during your IVA as long as your IP / creditors agree.

The mortgage product you will be able to get will be rated better the longer that you leave it after your IVA is satisfied.

If you have any further question please do not hesitate to ask.



FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[JulianSampson]

Hi Jean

My experience with our lenders is that either route will be open to you but the rates and products available will depend not only on your solvency record but also on your arrears record with your current lending. There are fewer lenders whose credit risk profiles are as comfortable with the IVA as with bankruptcy funnily enough. Your main problem with bankruptcy is the immediate threat to the equity value in your home but quick action could enable you to take advantage of the Insolvency Service conveyancing scheme.

Take good advice on rates from an adviser like Leybridge and bear in mind my comments that some lenders are IVA adverse and your monthly rates will reflect that- be comfortable with this and manage your arrears and you will be back on track in no time I'm sure


Julian Sampson, Solicitor.
See my article in Clean Slate magazine

[mikebdomain]

Nice to see you on here Julian I read your Viewpoint article with interest - good reading

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Andrew Graveson]

Hi jean,

I notice that your intention is to repay your debts in full.

If you can do that within the usual five year IVA period why do you consider that an IVA is the best way forwards for you?



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

[JulianSampson]

Thanks Mike

The next one is about bringing the IVA to Brokers and hopefully (getting back to the post) it is this sort of education combined with sites like iva.co.uk which will bring these debt solutions to the mainstream mortgage adviser and enable them to give accurate Best Advice to Clients such as Jean

Julian Sampson, Solicitor.
See my article in Clean Slate magazine