Hi please can someone give me some advice:-
My iva will be hopefully dropping off my credit files Feb 2013 after 6 years I am building my credit score with a vanquis card.However, after the IVA is wiped off my file I am planning on getting a morgage but have read I have to disclose my previous IVA . Why do I have to disclose thia as it will obviously result in refusal of a morgage or an increase in interest rate. Will this IVA need to be disclosed for the rest of my life and if I dont disclose it how can they find out anyways just think its unfair sorry for bleating has anyone been in this situation???
If they ask about your IVA then you will have to tell them I'm afraid.
You could have a chat with our resident mortgage expert Ryan via the "Ask Experts a Question' link on the left hand side of the page. He has helped a few posters get a mortgage.
I'm afraid you will probably have to accept a hike in the interest rate because of your previous credit history.
Thanks for the prompt response does anyone on here know typically what the current interest rate is around as the standard is between 4-5% this will allow me to evaluate what I can actually afford. Also will I have to disclose my iva for the rest of my life
Only if the lenders ask you to on their application forms. A specialist broker such as Ryan will be able to guide you on this and help you to find the right lender to suit your circumstances.
