Mar
01
Mortgage and IVA?
By
I need to sell my house and buy a cheaper property in the Bedford area to help bring my mortgage payments down ( will have about £30k - 40k equity for deposit) also am looking to enter into an ” IVA ” as keeping up with card and bill payments has become impossible. Would having an ” IVA ” create a problem with applying for remortgage on new property from my mortgage provider.
I am up to date with payments with no previous arrears.
Passive Income
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5 Comments
July 9th, 2009 at 8:48 pm
You will not get a mortage with an IVA !!
You will probably have trouble gfetting a current account for about 5 years. and you will have to pay a large amount of your income on repayments under the agreement.
An IVA is a last resort option, not a quick fix.
You can talk to lenders if you have having trouble repaying, they might even freeze the debt so you won’t be charged interest on the outstanding debts.
good luck
July 10th, 2009 at 11:59 am
Take to CCCS before you do anything. These are a UK based credit counselling charity.
An IVA is not a good path to go. Guess what - the IVA Companies are after your money.
You may be able to get your unsecured loans frozen and a greatly reduced repayment.
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July 12th, 2009 at 7:33 am
IVA’s do cause problems as the majority of lenders will not lend to a person that has one, the ones that will lend charge massive arrangement fees (2% or more) and have higher interest rates, it may not work out to be a cheaper mortgage in the long run. Could you not purchase the new property before applying for the IVA?
July 13th, 2009 at 10:16 pm
I would sort the housing problem out first, then look at an IVA when you know what your new mortgage will be.
Or you can do an IVA based on the sale of your house, using some equity to do a full and final settlement.
July 15th, 2009 at 11:52 am
an IVA affects your credit the same as a bankruptcy.
so no chance - sorry