Any Advice life after IVA

Mr_Benji

Hi All,

Here is my situation,

Currently got an IVA with 3 years left and a Secure loan on the house with with 18 months left.
I will be taking redundancy in october wth me standing to get £17000. I plan on paying my IVA and secure loan off which will leave me about £3000. I do have another job lined up although on slightly less than what i'm currently on but obvously have less outgoing.

My major problem is I live in a 2 bed house with my wife and 2 kids we have a boy and a girl and they need to have seporate bedrooms plus we are out growing the house.

Will I be able to get another mortage with my background? and any advice? should i seek advice from an financial advisor?

Foxy-Stoat_3

Can only speak from experience, finished my IVA after the 5th year, secured a mortgage 10 months after that, so the IVA info would be nearly off my credit file, although I was upfront and truthful about my situation.

You will need to contact a whole of market broker and explain your situation, expect to pay high fees.

Depending on your equity level and what the LTV your hoping for will depend on their response. Don't expect a LTV of anything more than 75%.

Whats your realistic equity level at the moment?
Whats the rough value your looking to buy?
Are you able to save anything before you buy another place?

You will need to take into account buying/selling fees.