Ryan
Yes I was in an IVA but it now has been removed from my file I am this year considering getting a morgage with 10% deposit my partner however was not in the IVA so she is clear we are both full time employed and have a good employment history the only black mark is the former IVA Hence the posts. We are looking to purchase a new house
just41 - give Ryan a call and gain some specific advice on your circumstances - not sure is 10% deposit will be sufficient but by talking it through with Ryan or another mortgage broker you will know the full situation.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Lefran you make some very good points and its a pity that what lenders dont seem to understand, is that i would imagine the majority of people who complete an IVA are very unlikely to allow themselves to get in that position again. I suspect the majority of ex IVA people if like me, have well & truly learned their lesson re debt and have also learned the value of cash, due to, in my own circumstances, having had none spare more or less for 6 years whilst in my IVA.
Nationwide seem to have the right attitude from the above posts; i bank with them and have found them to be superb, with them upgrading my account & offering a credit card recently ( im free of my iva now ) although the credit card will not be used other than to take on holiday in case i run a bit short towards the end. If im being honest, I keep wondering if I should cut it up as it does scare me somewhat; but equally it pleases me that its a sign my life is back on track after a 6 years hard slog of an IVA. Emergencies only and not for day to day living expenses is how ive told myslef its there for, as the last thing I want is credit card debt. Its a fantastic feeling knowing I dont owe anyone a penny & i genuinely intend it to stay that way!
Last payment made April 2012
Certificate received 1st Nov 2012
Hi, depending on your circumstances you may get accepted with a 10% deposit. We have had mortgage in principal accepted on that amount, I will hopefully be able to update more in a few weeks as we have found a new build we are interested in are waiting for contracts to be done to get an official offer done
Would really appreciate if you could let us know if it all went through as I am hoping to get on the property ladder this year. Like you all I to have a credit card from Natwest and yes the interest rate is normal and the credit limit is over 5 K ive had it a few months and my balance is zero and it will remain that way until we go on holidays when ill take advantage of it but wont exceed my savings so I can pay it off on my return home. The point here is we all understand the value of money consequences of debt and experianced the lows of actually failing to control your finances I learnt a big lesson and will never put myself in that situation ever again.
Kelly, Im another one who is following your posts with interest and awaiting the positive outcome!! Im also hoping to be back on the property ladder in the next year so Im keeping everything crossed that it all works out for you )
When you reach the end of your rope..tie a knot in it and hang on!
Please keep us posted on this, as I'm looking to get a mortgage this year to move house. I completed my IVA in November 2012, although I'm still waiting for my completion certificate. I have acquired a credit card just for building up my credit score again to put me in a better position for the future, but I do worry about being turned down. I'll certainly be contacting Ryan or Shaun!
some time ago some one explained to me that that their is a loop hole with iva as long as 6 years and iva og your credit file you no longer after declare it but their is a trace of your iva for 8 years on your file, what is different if you have been BR you do have to declare it and alot of high street banks will currently not give a mortgage if you have ever been br
An IVA will stay on your credit file for 6 years. However, Equifax, Experian and CallCredit provide a service to potential lenders where they can see previous records for up to 10 years. The lender does have to pay extra for this privilege though.
Hi All,
In my experince of dealing with clients who have previously had IVA's, you are able to obtain a mortgage once it has cleared from your credit file ie 6yrs from date it was registered. We have managed to obtain numerous posters on this forum mortgages with only 10% deposits.
Everyone's circumstances are different, but i would suggest you get in contact with me directly to discuss your position.
We know the right lenders that ask the right questions!
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
My IVA is still on my credit file even though it is six years and 4mths. My last payment was October 2012, 5yrs 10mths. In December 2013 it was placed back on my credit file, the only way I can remove it is when I receive my letter of completion. So this six year rule that people keep posting is not correct. December was the 6yr mark for me and they simply reinstated it because I have no letter of completion.
Ryan I am currently saving a deosit but my partner (who wasnt in my original IVA) wants a new home. Can the new Goverment scheme help us as we have saved around 5% to date or will we have to save a further 5% as you have indicated.
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