It's getting tougher to get mortgage as it is! The short answer is no. But there is an upside once your IVA is clear from your credit record (6 years from the IVA start point) generally speaking you will be left with a good credit score ( a good starting point) then go see a broker there's two in the members section Ryan and Shaun who secured competitive mortgages for ex-IVA, some from this site! It's possible to go direct into a high st lender, but there maybe the odd tricky question which you probably won't want to answer!
We are getting desperate to move now as our family has started to outgrow this one (we have been here 16 years) Our iva finishes in october and we are hoping it will be off our credit file by october 2015 and we will be in a position to try and get a mortgage. We earn good wages and should have a nice deposit saved by then, with a bit of luck. Has anyone been in our situation and achieved a mortgage?? We are reaching out for hope.
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
Doubtful for a re-mortgage whilst the iva is on your record. Once it is finished and certificate completed all defaults removed and credit report clear, you should approach a broker like Ryan/ Shaun who are experts in helping people with past credit problems. Don't give up hope !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
My IVA is due to drop off my credit file in February (I did a lump sum IVA in 2009), and I feel so close to getting my own house its making me really impatient and frustrated. The deposit is there, I can easily afford a mortgage, there are houses for sale that I really like and are affordable, yet I cant do anything because the IVA is still on my file until Feb along with all the defaults. I am sitting back watching house prices go up, and interest rates expected to go up by the end of the year (typical!), and feel really irritable all the time because my hands are tied! There was a house up for sale next door to where I am renting that I would have loved to have and it was easily affordable but instead I'm paying rent to live next door and its been snapped up. Grrrr!![:(!] Because my IVA was a lump sum, it seems so long ago now, and I am nearly out the other side,but being so close is really frustrating when you see houses come and go.
There will be other houses --- and tread carefully at the moment. If the pundits are to be believed we have exceeded the 2007 peak, which means there might come another bubble and burst.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
