Hi Ryan,
Is it really possible to obtain a mortgage after completeing an IVA?
My thought process is that although all related entries are wiped from my credit file after year six, I would not have a credit history.
Presumably I would simply not meet the criteria of the reputable lenders?
I would really appreciate your input
Thanks
Fletch
I've sent him an email Fletch so hopefully he will respond next week.
It is possible though - Luluj has one and I believe he has been instrumental in helping others as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks Kallis...... It would be amazing if that was the case....... we all made a big mistake getting to where we did..... but the thought of being able to start again has really fired me up... I will wait for Ryan to reply. thanks again and have a great weekend (well whats left of it!!!) x
Too true - I was at work today, on call tomorrow and back on Monday!!!
Hope you have a good one as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Fletch, what you need to do when the IVA has ended and you have you completion certificate, is to start rebuilding a credit history --- mobile phone contract, run the bank account well, something liek a Vanquis card, which you use for small regular purchases and pay it off right away.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just to add, I called Lloyds TSB recently who I've been banking with since just before my IVA started to ask if by having previously been in a IVA that after the 6 years when the credit file is clear will they look at me for a mortgage given the standard question they ask these days about being bankrupt or entering into an arrangement with creditors.
I was told they would look at me. So it's not all bad news.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It reeally is possible - I am living proof. Ryan has also helped several other posters on this matter too and I have been speaking to him this last fortnight about reducing the mortage rate I am on as it was a higher one than normal due to the IVA being on my file. I have had the response that once it completely leaves my files next year I can have a high street rate mortgage - we have one mortgage provider willing to do that !
You do have to have a slightly higher deposit if the IVA is still on your records, and expect to have a higher rate of interest for a short while.....
Ryan would prefer to speak to you direct about your specific circumstances rather than make a blanket statement other than yes it is possible..... why not contact him via his "contact details" on the experts page - his website address is on there or give him a call on Monday - he will certainly work with you and will do what he can to help.....
Good luck
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I cant wait until I can get back on the property ladder - renting is such as waste of money, and as the choice is very limited its rare you end up living in the type of house or area you want. And even then, you cant make any alterations or do anything that really makes it feel like your home. Ive been renting for 6 years now since I got divorced, but went into an IVA in Jan 2009, so I'm stuck with renting for a while yet.
I am going to try Ryans company probably this time next year to see whether lenders have become more amenable. My IVA was a lump sum IVA, so started and completed in Jan 2009, so I have been completely debt free for over 3 years now which is the frustrating part - I dont consider myself high risk, I would only want a mortgage approximately half of what a "risk free" applicant on my salary could get with a high street Lender, and the monthly payments would be 60% of what I am paying in rent, so where is the risk, its so frustrating!
I currently have a 10% deposit, which clearly isnt enough. Next year, I could have increased this to 25% and the IVA will have been completed for 4 years by then, so I might try my luck. [V]
