IVA completed! Getting back on track

Muggers1

Hi,
My husband and I have recently completed our IVA after 6.5 years (hurrah!). We would like to move house in 18 months, to a different area of the country. Does anyone have any advice on the following please?
1. How do we ensure we are in the best position to be offered a decent mortgage? (My husband's IVA has dropped off his file and he has a score of 999 with a couple of ambers and the rest green, and mine should drop off next week).
2. Assuming we can get a mortgage, are we better off putting money aside in a savings account or focussing on paying the capital on our current mortgage (we're on interest only), or a bit or both?
3. Would we need to secure jobs in the new location in order to receive a mortgage offer, or will it be based on our current salaries?
4. Will our previous IVA affect the amount we can borrow on a mortgage?
Any advice would be gratefully accepted. Thank you:)

foxy-stoat

Well done for getting to the end. Save up as much as you can as the more cash you have in the bank rather than off the capital gives you more control. Dont worry about the credit score, time and money will be your friends.

Your previous IVA may restrict you but as the start is over 6 years most lenders dont worry about it but will need to know if you ever had one so answer honestly if asked.

You would need secure employment before applying for the mortgage.

Muggers1

Thank you - it's a huge relief to finally be through it!

Thank you for the advice - those points are most helpful to know. We will get a savings account set up and should be able to save a significant amount in 18 months.

mwarby

Going on from what foxy said, some banks will count IVA from start date others completion date, important to make sure the question is answered properly.

A broker would probably be useful to navigate this as they will know the criteria for each bank and which is most likely to accept

PrettyKittyKat

Well done of successfully completing! I would save up for a while and then approach an experienced broker in the area you are moving to a few months before and ask them all the questions above. They should be able to give you the best advice on how to proceed.

Muggers1

Thank you all, I think that's some great advice. Is there a certain type of specialist broker we should look for?

PrettyKittyKat

Muggers1 wrote: »

Thank you all, I think that's some great advice. Is there a certain type of specialist broker we should look for?

I would be looking for an experienced broker with experience of finding mortgages for people that have been insolvent in the past. You may need to ask around on local pages for recommendations, look at reviews etc.