www.iva.co.uk

Hi all,

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

What is the best course of action

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.

Why would I struggle, I will have a 20% deposit and it will be 2 years from the via dropping of my credit file.

Hi
It is a difficult market at the moment.Use a mortgage broker that can search the whole of the market for you
Good luck
Regards

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?

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.

Because the application form will probably ask you for that information and you have to answer truthfully.