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Mortgage after IVA
vee
Posts: 23 Forumite
Hi, I would appreciate any advice I can get concerning getting a mortgage in the future. We sold our house, paid the mortgage balance and are just about to enter into an IVA, which will pay lump sums to all our other creditors.Hopefully by September we will be once again debt free - but not wanting to rent long term, we`re hoping to apply for a mortgage again.
Does anyone Know how long it will take for our credit record scoring to be marked `satisfied`, or what sort of interest rates to expect? Thanks
Does anyone Know how long it will take for our credit record scoring to be marked `satisfied`, or what sort of interest rates to expect? Thanks
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Comments
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Its very difficult to predict what sort of interest rates you will get. you need permission of the administrators/creditors of the IVA before you can get a mortgage, and a lot depends on how much you owe and how long you will/have been paying it. Its a very complex area so I'm sorry there is no one definate answer, so your best bet is to speak with the IVA administrators and see what they say first.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi there - thanks for posting. The IVA meeting is within the next 2 weeks. If all goes well then the creditors will be paid in lump sums by September.I asked our IP about the mortgage application and was told to wait -but dont know for how long. Will ask again will things are a bit more definite.The debt was for about 50k:eek: .Will keep hanging in there anyway.0
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