Mortgage after IVA

[Nikl]

Sorry if this is being posted on the wrong section.

So my IVA was F&F September 2018 having been taken out October 2017. I know it takes 6 years to clear off my credit report from that date.

My questions are
1. After the 6 years is up, will I still be penalised? For example, would I be eligible to buy a new build that offers a lower deposit? Or will I always have to put down £30,000 plus? Will I have a higher interest rate due to having had an IVA.

1. Is it ever possible to buy before the 6 year period?

[Foggy]

1. After the 6 years is up, will I still be penalised? For example, would I be eligible to buy a new build that offers a lower deposit? Or will I always have to put down £30,000 plus? Will I have a higher interest rate due to having had an IVA.

It will get easier to get better rates and access to more lenders the longer you go past the 6 year mark. But, even at 6 years, if you go to the right lender, or use an experienced broker, you can get High Street lenders and rates available. Much will hinge on whether they ask about the IVA at all, and, if they do, whether they ask if you have ever been in an IVA or if you have entered one in the last 6 years.

2. Is it ever possible to buy before the 6 year period?

Possible, yes, but highly unlikely, unless you approach a sub prime lender who will require a large deposit and offer high, high rates.

[luluj]

I would speak to our forum mortgage experts Ryan and or Shaun for specific advice. You may find they are in a position to help you identify suitable mortgages products

[Ryan]

We certainly have access to High Street Lenders who will look to lend normally 6 years from the start of an IVA including under the Help to Buy scheme. Some Lenders may consider lending 3 years after early settlement.

As has been said it may be possible to obtain a Mortgage now with a Specialist Lender if you have access to a good deposit.

Regards