Applying for a mortgage when my IVA has finished

[kopi]

I currently live in a flat that my girlfriend owns on her own. When my IVA finishes we are planning to move and get a joint mortgage together. Now thankfully, unlike me, my girlfriend has an A1 credit rating. I have been told that initially after my IVA finishes that it will still appear on my credit history that I have been through an IVA and then after 6 years after my IVA started my entire credit history is deleted so that people will not see that I have been through an IVA but also I will have no credit history at all.

My question is from peoples experience how easy / difficult will it be for me and my girlfriend to get a joint mortgage straight after my IVA has finished when my IVA still appears on my credit history and then again after the 6 year period when my credit history is deleted?

[Andrew Graveson]

Hi kopi,

Your credit history will not be deleted.

Anything that goes onto your credit file will remain there for six years. As such negative events will drop off over time.

This in itself will not give you a good credit rating... a good credit rating is built up through positive credit events (for example consistently maintaining on-time credit repayments in the future).

Mortgage lenders may continue to ask in an application form whether you have ever been in an IVA even if it is not visible on a credit file. How they choose to use that information is up to them.

When it gets closer to the time it would be sensible to speak with a mortgage broker and be very open about the background.
Different lenders take a different view and the broker may be able to guide you towards lenders who offer products that are a better fit for your circumstances and needs.