My IVA was started in Dec 2003 and was completed April 2009. the IVA was removed from my credit file Jan 2009.
My question is I will be looking at a mortgage early next year (2011). Will my previous IVA pose a problem as it was successfully completed and was removed from my credit file Jan 2009.
one financial advisor says I have to declare it unto 3 years from completion, this will mean higher mortgage payments etc
It shouldn't do, although if you are asked you would have to tell them about the IVA.
I think you will struggle to get one at the moment.
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
A 20% deposit is unlikely to be sufficient if you have concluded an IVA within the last two years. I gather there is a more relaxed attitude from lenders after the three year post-IVA point.
MelanieGiles wrote:
A 20% deposit is unlikely to be sufficient if you have concluded an IVA within the last two years. I gather there is a more relaxed attitude from lenders after the three year post-IVA point.
With the iva off the credit file,how will lenders learn of its existance? Are you saying that you need to wait 3 years post iva to succeed in securing a mortgage?
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
My thoughts exactly, how would the lender know you had an IVA. Surely there must be mortgage lenders ready to lend, obviously with a higher interest rate.
If you are asked about the IVA then you should answer truthfully.
Personally, I would hang on. Even people with a good record are struggling to get a mortgage and I would be inclined to listen to Melanie as she has her finger on the pulse.
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
