You can apply straight away after getting your completion certificate, however, the IVA will remain on your file for 6 years from date of acceptance so until then you would be highly unlikely to be approved for one, also even then it is highly likely you would need a hefty deposit and perhaps higher interest rate for a while
You can apply straight away after getting your completion certificate, however, the IVA will remain on your file for 6 years from date of acceptance so until then you would be highly unlikely to be approved for one, also even then it is highly likely you would need a hefty deposit and perhaps higher interest rate for a while
Has your IVA gone the full term? as you will need to wait until this drops off your credit file (a full 6 years from the arrangment date). If you have settled early with a F & F or you have done a 5 year, then you would still have a waiting period, until you credit files are squeaky clean. You would probably need to use a "whole of market broker" to get the best deal. I am sure an expert will be along soon to give you some more advice. Don't expect an easy ride with this, as some lenders may be able to dig deeper than your credit file.. ie if they are associates or linked to your former creditors.
You can get a mortgage before your record falls off the credit reference agencies as Luluj has successfully proved.
We have an expert on here who is a mortgage broker - Ryan.
You can find his details under the ask a question link on the left hand side of the page.
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
Without knowing the full picture on yourself, it is difficult to advise.
The norm is the IVA stays on the credit file for 6yrs, so most lenders will not lend whilst this shows. I have recently been able to obtain finance for people in IVA and people who have just come out of one. This really depends on the full picture.
I would advise you seek a broker who is independent and knows how IVA's work.
You can contact me personally my via the 'Ask a question' tab on the left and find my contact details
Hope that helps
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
I work in HR Ryan, so do a lot of thinking and work for friends at this unearthly hour [:D]
My hubby is a discharged BR and payments into the BR will conclude in 2012. At the moment we are on an Interest only mortgage and wondered if there was a way of going back onto an affordable repayment mortgage?
