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haras33
Starting Member
United Kingdom
9 Posts |
 Posted - 25 January 2009 : 20:26:16
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| Is it harder to get mortgage credit after bankruptcy than an IVA? What are the differences between the two apart from getting to keep your property with an IVA. I don't know whether to go bankrupt as this will apply limitations to my career, I someday want another mortgage but can't afford current payments on my current one. I'm in my 2nd year of 5 in an IVA. Is it worth going bankrupt now? Thanks |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 25 January 2009 : 20:30:21
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You can get a mortgage but it will be slightly more expensive. Mind you, the way the country is now, will they really hold it against you?
I am BR and have kept my property as in negative equity, could you switch to an interest only mortgage to make it more affordable and possibly keep it?
My advice is just read, read, read on here. Then you will know what to do.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 25 January 2009 : 20:37:16
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I think at the moment everyone would find it difficult and would say that a large deposit would be needed, as well as a high interest rate. Altough it would be ggod to hear of anyones story to see how they managed after br.
You will not automatically loose your home in br. If you are in neg equity you could purchase the beneficial interest back from the official receiver for around £212, but you do need to keep up the repayments and any secured lending on the property.
Noone can adive if it right or wrong, you will have to decide that, however why dont you make a call to the helpline tomorrow and leave your number and someone will call you back.
Have you spoke to your IP ?can you afford the iva still ?
Jenny
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 26 January 2009 : 13:08:20
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Hi Haras33,
The key here is to understand that the law makes no differential between an IVA and BR .... you are legally classified as personally insolvent whichever route you take. In addition, they'll both only stay on your credit file for 6 years.
If you are already 2 years into an IVA, I would recommend trying to see it through (remember, you can always talk to your IP/IVA company if you're struggling with the monthly payments).
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Is it harder to get mortgage credit after br
