Mortgage

[inonehand]

Hi everyone, first time on the forum and hope someone can help. I am 2 years into my IVA still confused. will my credit history be repaired after my IVA and will i be able to get a mortgage. As a Serving Soldier i move around and never had chance to settle and buy, i have 4 years left in job, now getting worried. HELP!!!!!

[Beans on Toast]

Hi inonehand, welcome to the forum. your credit history will still be there for 12 months after your IVA has finished. there are ways of repairing your credit rating and I'm sure an expert will be along with advice shortly, keep up the good work and good luck.

[Andrew Graveson]

The IVA will no longer be on your credit file six years from the date that it is registered. It appears that this might be well-timed based upon your expected departure from the armed forces.

When you are approaching the end of your service and the IVA I'd suggest that you have a chat with a mortgage broker to assess your options.

Just want to echo the other posters in saying thank you for what you do.

[pixieboy]

As has been said before based on the fact you entered in to your IVA 2 years ago and I assume it was for 5 years it should have slipped of your credit history by the time you leave the forces. Even if it hadn't your IVA would have been completed so the question of getting a mortgage is more based on your circumstances at the time i.e. what sort of lump sum you will have as a a deposit for a mortgage and what the property climate will be!!!

[TheMatrix]

Your IVA will be on there for 6 years as will any defaults though, and some creditors just default you after the IVA, so could be longer than 6 years.

Only way out of this I see is by putting a notice on your CRF to say that those defaults were included in a satisified IVA at the time, then removing that notice of correction as the defaults drop off 6 years after they have been registered

[Andrew Graveson]

Hello pixieboy,

That's not necesssrily true. Many mortgage lenders will want an IVA to have been completed for, for example, a minimum of two years irrespective of whether it remains on a credit file.