New Mortgage - But have IVA

bjevans999

Hi,

I currently have a mortgage with intelligent finance which is a tracker (0.4% above base rate - lucky me!! but only until March!!) but my deal expisre in March when I will revert to variable rate. Unfortunately in the last 2 years I encountered some quite severe money issues which now means on top of my £138k mortgage I also have a secured loan for £42k (at a rate of about 8%!!) and I also have an IVA, however I need to make clear the IVA is complete and I do not make monthly payments (My parents basically bailed me out and gave me 33k to enable the IVA to be complete immediately). I am now debt free as such (no credit card/loans), I earn appx 50k per year and my house is worth appx £230k. I am looking to put my mortgage and secured loan in one pot and get a mortgage of about £182k. Can anyone advise my of a lender whom would provide me a mortgage with my LTV and considering I have an IVA on my credit profile. Any help would be greatly appreciated as I continue to try to get my financial affairs into a healthy position.

Many thanks

bjevans999

Anybody on this forum who can give me advice re above??

_Andy_

How long ago was the IVA settled?

Conrad

2 lenders with rates as follows;

7.69% fixed for 3 years

6.29% tracker 2 or 3 years.

A decent broker should be able to help you.

Your valuation is key to this. In my experience allmost every client over values thier property at the moment - remember prices are dropping every month, so you need to be sure of your figure. I'd recommend you call 3 local agents - they will know what your place is worth roughly without needing to visit.

bjevans999

IVA was settled in June 08. As I say I am with IF at the moment and have a mortgage of 138k - They have offered me fixed at 4.89 for 2 years but only on the 138k bit. the 42k will continue at about 8%.....but I think I am better off like that than going for 7.69% fixed on all of it......I guess best thing to do is go with IF for 2 years at 4.89% and then hopefully be able to add the other bit on then without a problem. Does anyone know roughly how long it takes for credit rating to repair itself after an IVA??

Thanks!

doelani

your IVA stays on your file for 6 years from date it was agreed, you need to make sure any defualts on your CRF are not dated after this.

A mortgage in an IVA ( or with one on your CRF ) is possible but be prepared to pay high rate. We did it in May this year to do a F&F on our IVA. best thing to do it see and independant broker and explain situation to him, he will know what companies will help you out.

good luck

mramra

bjevans999 wrote: »

IVA was settled in June 08. As I say I am with IF at the moment and have a mortgage of 138k - They have offered me fixed at 4.89 for 2 years but only on the 138k bit. the 42k will continue at about 8%.....but I think I am better off like that than going for 7.69% fixed on all of it......I guess best thing to do is go with IF for 2 years at 4.89% and then hopefully be able to add the other bit on then without a problem. Does anyone know roughly how long it takes for credit rating to repair itself after an IVA??

Thanks!

If your £138K mortgage is a repayment mortgage, change to interest only then use the difference (and more if you can - you have a decent salary) to repay the £42K loan ASAP.