How does an IVA affectb my credit record

[leanne_]

How does an IVA affectb my credit record and during this period of time would i still be able to get a mortagate?

[Oliver]

The IVA will show on your credit file for a period of 6 years from its start regardless of when you complete it.

You will almost certainly be able to take out a mortgage but will likely have to see a specialist brooker.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Sadsack]

Hi leanne and welcome to the forum

An IVA will refelct on your credit record for 6 years. Normally an IVA will last for 60 months and then stay on your record for a further 1 year even with a Certificate of Satisfaction. You will, whilst you are in an IVA, be able to purchase a property, as long as the deposit is not funded by yourself. Your creditors would expect you to release any funds you personally have available into the IVA to afford them the maximum return. You will probably not get the best interest rates that most high street lenders offer and you would need a minimum of 10% as a deposit. Once the IVA is completed, you will be in a better position to negotiate better interest rates on a mortgage.

Hope this helps

Sue

Ho Hum! Think I'll bang my drum!

[Sadsack]

Hi Oliver

Seems we both replied simultaneously!!!! Only mine is more long winded - but I got there in the end!!!
Sue

Ho Hum! Think I'll bang my drum!

[iva experts]

Hi Leanne and Welcome to the Forum,

Good advice given from those who have posted, an IVA should not stop you getting a mortgage whether it be during the IVA or after. However it is likely that your starting mortgage rate may not be as good as rates on the high street.

Best Regards. IVA Experts

[iva_squirrel]

Hi leanne and welcome, [:)]

What can I say that hasn't been said(?)
The IVA will affect your credit report for six years.
You can always get a mortage while in an IVA however you'll have higher interest rates.

Regards,
Michelle P.