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This is the place to ask questions if you are already in an Individual Voluntary Arrangement
By ArthurCD
#27439
I am in the process of setting up a full and final settlement IVA. I currently have a fixed rate mortgage with HSBC which will come to an end in August – could you tell me if I will have difficulty entering into a new mortgage product with HSBC due to the IVA?
#27449
Hi there ArthurCD. Welcome to the forum.

If you complete a full and final IVA it means that the IVA is finished almost immediately and you do not have to make further payments or have any further obligations towards your debts. However the record of you carrying out and IVA will still be registered against your credit file and negatively affect your credit rating.

It is difficult to say whether HSBC will offer you a new deal when your current fixed rate comes to an end having completed a fulla and final IVA. However it is possible that they will not be able to offer you anything leaving you with the option of just defauting to their standard variable rate.

Alternatively you could get the advice from a specialist mortgage broker who might be able to help you consider a sub prime lender. However in the short term I imagine these deals would be worse than HSBCs SVR.
#27457
Hello ArthurCD

I agree with Hayden. Even though you are going through a full and final settlement IVA, the fact that you have done an IVA will still be recorded on your credit file and will make your credit rating much worse. This will be likely to affect your chances of getting another deal with HSBC in the short term.

You are best chatting to a mortgage broker first. However you might be best off just sitting tight for the time being and moving onto HSBCs SVR. Then recview the situation in 18 months or so. Interest rates do not look as they are going to be heading north any time soon so it should not be too much of a risk.