Hi, I finished my iva in February 2011, now me and my partner are wanting to apply for a motgage, would we be turned down straight away, or is there the slightest chance we could be accepted. I've heard you have to wait 6yrs to be cleared of your iva, is this 6yrs from the start date or 6yrs from when you finished paying your iva?
Your credit file clears up 6 years from the start of the IVA, providing you have checked all defaults have been removed and any Notice of Correction deleted. However, even with a clean file some lenders have onerous criteria and a few will not accept you until 6 years after the IVA has completed ( indeed, one or two will never accept you).
It would be worth having a word with one or both of the mortgage advisers who post here, Ryan and Shaun. They are whole of market brokers with experience with adverse credit applicants. Their details will be found under the "Ask a Question" tab (top left) and scrolling down to the experts details section.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
All Lenders treat IVAs differently which is where the confusion begins. We certainly have access to Lenders who will look to lend normally 6 years from the start date of the IVA as long as your 3 credit reports are clear and up to date.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
