It will remain on credit file for 6 years from start of it hun, which will make it difficult to get a mortgage. There is a man who comes on here called Ryan though and I believe he has helped people out before. Hopefully one of the experts will be along soon to shed some more light on this x
Thanks for your thoughts,i have read that people have managed to get a mortgages when they are still paying the IVA,so I am hoping having it payed off will work in my favour,from what I read there are mortgage brokers who are specialist in IVA mortgages.
There’s some wistful posts about a 15% deposit an all's ok.. But in reality if you've got an IVA you are looking at 50% deposit on your CR satisfied or not, won’t make a jot of difference and you will probably have to pay a higher interest rate on the sub prime market (that's you n was me) The high street lenders won't touch you. And maybe Ryan can help you, remember if you are paying over the odds now, you may be well stuck with that deal!
And when you think about it of course they’re going ask for that much deposit, you’d be lucky to get a mortgage with a good CR at 15% and with the tough new rules, interest only mortgages will only for the very few. (ie you’re going to have to prove you have a mechanism that you can pay it back at end of term and saying it’ll go up in value, won’t cut it) You could try life assurance and convince them you’ll get run over by a bus, although such will be the power of the banks by then they'll probably hire the bus and have you run over anyway!
I’m afraid it capital repayment really and to be fair that’s a sound idea, always was.
An IVA in many ways lasts for six years and possibly beyond, as some mortgages forms ask whether you have ever entered into an agreement with your creditors, ohhh the moral dilemma!
We have a mortgage through Ryan ...yes the interest rate is higher than ideal but the fact we are back on the property ladder far outweighs this issue for us. Ryan has continually worked at getting this down for us and hopefully by the time the IVA comes off our records next year we will be back at a normal rate.....don't give up hope. His contact details are under the experts page.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If your credit report is clear from the IVA, then you are able to obtain a mortgage with only a 10% deposit at high street interest rates.
Sorry Sponge, you do not know what you are talking about. If you are going to post things on hear about mortgages you should get your facts right.
We have helped numerous posters who have had previous IVA's obtain mortgages.
Come to an expert if you need advice in future.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ryan
Hi,
If your credit report is clear from the IVA, then you are able to obtain a mortgage with only a 10% deposit at high street interest rates.
Sorry Sponge, you do not know what you are talking about. If you are going to post things on hear about mortgages you should get your facts right.
We have helped numerous posters who have had previous IVA's obtain mortgages.
Come to an expert if you need advice in future.
Ryan, thank you for posting this. Im not far off 10% and planned to continue to save throughout next year to possibly get better rates. After reading some posts I was starting to think it was looking pointless!!
Hope has been restored [:X]
When you reach the end of your rope..tie a knot in it and hang on!
So is there any idea, percentage wise, as to what deposit we will need whilst the IVA is still on our credit records? Reason being, we are hoping to complete our payments early via a generous gesture from a family member and we would like a rough idea of how much money we will need when we can finally proceed.
Ryan I post what I see on public domain. All you mention is if your credit file is clear, but that's of no interest to anyone here. We want to know what deposit you currently if you have a an IVA on your CR so lets cut to the chase shall we, I say it's like this
January 2011 - IVA Mortgage Lender update
IVA mortgage lender table IVA Status Max Lending
Current 50%
Satisfied 1 year 50%
Satisfied 2 years 60%
Satisfied 3 years 60%
Or like if it's easier to swallow
1.Deposit. You will need to find a deposit to put down on the property before a mortgage company will agree to offer you the mortgage and it is fair to assume the size of the deposit will reflect your credit risk to the mortgage company, so don’t expect much less than a 40% deposit as a minimum.
I hope you prove me wrong as it's for the benifit of others
Tesco Bank do a fix rate until 31/12/2014 at 1.99% and 5 year fix to 31/12/2017 at 3.19% This is what I consider at the moment to be a high street rate.
My credit file is all nice and green at the 3 CRA's, since March 2012, completed my 5 year IVA in May 2011. I'm working on getting a big deposit together over the next year or two now.
If I had the deposit today, would I get this mortgage having had a IVA in the past, what about in a year or two when I've heard mortgage lending restrictions will be tighter.
LTV will probably end up being 60-70%, I'm in stable enough employment and have been for 12 years.
Be interested in your views on the above on being accepted.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
