Do IVA's effect your chances of getting a mortgage after the five years are up?

Answer 1

Your credit rating WILL be affected by your IVA. That does not mean you can't get an mortgage, it just means its likely to be slightly more expensive.

You can actually have a mortgage when you are in an IVA. The problem with this is that getting a deposit together will be hard. In an IVA any disposable income you have should go to the creditors meaning you cant save a deposit. If you are lucky enough to have someone who will put up the deposit for you make sure you ring fence it at the outset. You can do this by a deed of trust at a solicitors. As long as the mortgage repayments do not reduce your ability to pay the agreed amount to creditors each month and you can get the deposit together (you must be able to explain to your IP where it came from) buying a property in an IVA is possible.

The other thing to think about with a mortgage in an IVA is that if your property gains value by the end of your IVA any releasable equity in the property can be claimed by creditors to offset debt you may still not have paid off.

On balance it is probably best to wait until the end of your IVA before you start to look for a mortgage but in short it is possible and will not be massively more expensive than if your credit rating was perfect.

For further information call 0800 088 7503 or visit

http://www.myiva-adviser.com

and read this link all about mortgages and IVAs

http://www.myiva-adviser.com/blog/2006/10/can_i_get_a_mortgage_when_i_am_in_an_iva.php

Whatever happens good luck

Yoda

Answer 2

paintings as difficult as you will be able to additionally as having as plenty relaxing as available. severe college replaced into the desirable time of my life, and in all honesty I want i could have worked much less. i bought into each and all of the BS approximately desirable grades and whatnot, however the certainty is do your desirable and experience it on a similar time because it lasts. a three.5+ is an quite good GPA for a sturdy college, save on. (college pupil at a very good 50 college)

Answer 3

Yes.

Just consider if you were asked to lend money to some-one who had a history of NOT PAYING it all back ???

Plainly you would try to get some extra security - perhaps a Guarantor i.e. some-one (such as their Parents) who would be agree to pay up if they defaulted (again)) - also you might ask for a higher rate of interest ?

Answer 4

i know that after 6 yrs u come out clean