Unfortunately you are not likely to be able to get a mortgage even if you pay off early.
Your IVA will remain on your record for six years from the start.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You will not get a mortgage until 6 years have passed from the start date, as things stand at the moment. However, the mortgage market is ever changing. In the meantime you are earning more discount.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for the advice, i realize waiting may be my only option. The more years i wait the more discount but the valuation of my house may also increase so pros and cons i guess.
Would paying off my IVA early be of any benefit or increase my chances? or should i just leave the IVA and wait? if its just going to sit on my credit file for 6 years is there any point?
Has anyone been successful in obtaining a mortgage within the 6 years?
The IVA and defaults will sit on your credit files for the full 6 years. The advantage to paying it off early, if you can, would be that future pay rises, windfalls and bonus payments etc. would be yours.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Th only benefit you will have is taking control of your income so you can start saving up towards the purchase once the 6 years has passed and you can tidy up your credit rating.
Speak to Ryan re a mortgage. As a forum expert he comes with huge experience and a great track record of achieving mortgages at all different stages of an iva. If it can be done he will know. About 5 years ago we gained a mortgage via Ryan whilst our iva was still on record ..we did however have to wait for the closure certificate.
Likewise Shaun another mortgage expert will be able to offer advice too.
