IVA and Mortgages

max1108

My hubby has an IVA (on credit cards and loans with Halifax, RBOS, Barclays, MBNA) and has another 2 1/2 years left to run. We currently live in forces quarters so only pay nominal rent charges etc.

Obvioulsy we would like to be able to buy a house in the near future but obviously we cant until the IVA has been completed (or can we?). Not sure how this would affect the IVA and his SOA and whether we would fall into the 4th year trap of releasing equity etc etc?

I know that BM Solutions has been recommended several times on here but I was wondering as they are with Halifax, would we be considered as they would have been part of the IVA? I also have 2 defaults on my credit files from just over 2 1/2 years ago that were satisfied within a few days.

I know it a while off yet but we are just looking around to see what could be available to us when the time comes,or is there any way round it now?. When the IVA finishes, the amount that we are paying including the current rent, will cover the mortgage payments so wouldn't necessarily need to find any extra each month to cover them. Also, hubby is entitled to get help with a deposit etc of up to £8,000 ish from his work as of now.

I am not working at present but am going to Uni/college in Sept which is a 3 year course so when I finish the IVA would have been satisfied for more than 6 months giving us time to save up some more deposit.

Any advice would be gratefully received.
Regards
Max1108

Mr_helpful

I would keep hubby in army as long as possible to get the cheap rent and give yourselves time to save up a decent deposit and get rid of your debt. As it is with an IVA behind him you are not likely to get the best rates.