Mortgage (Incorperating IVA)

GJL

Hi all I hope you can help.

Firstly would like to say what a great site this is and to be honest I wish I had started using it sooner, nevermind.

Hoping you can help with something.

The other half and I are now in a position to consider a mortgage to buy property.
Our buying power is good enough to hit the property ladder (in terms of earning).

My other half is a graduate and will quality for a graduate mortgage, however 18mths ago I had to take out an IVA.

My IVA has 3 ½ years to run. My finances are back in order with my bank account in credit every month – yes I had to learn the hard way.

My point and/or question is – how will the IVA effect my mortgage power if that’s the right term to use? Im thinking that this could affect my “rate” which I could live with for 3 ½ years until my record is clear.

But with us planning to buy now – what am I likely to find reference my previous discrepancies.

Any help would be great before we plan a meeting with an advisor (I know they will be better suited to advise, but thought I would research first)

I do not wish to "settle" the IVA within the mortgage if i can help it - unless this is something a mortgage company would consider? if i pay early im unsure what offer i would need to make.

Thanks again

Gary

Leon_W

Unfortunately GJL there is not enough information in your post to give any sort of view whatsoever.

Mortgages are available for people who have an IVA but you will have to fulfill quite strict criteria in order to obtain one. Generally you will need a deposit, the larger this is the more likely, the lender willl also take into account your income, expenditure, size of IVA and conduct etc.

Cases such as yours simply cannot be answered on a bulletin board as there are so many variables to make any "advice" given here as practically worthless.

Your best option is to discuss all of this face to face with an adviser who will be more able to take a view on your whole personal circumstances and give you the relevant advice once that is known.

Hope this helps

Leon

GJL

Many thanks Leon.

I dont wish to discuss my full personal details on an internet site as im sure your aware.

But at least it gives me and insight into what advise i should be expecting to recieve.

Thanks for your input.