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Posted: Fri Jun 14, 2013 9:14 am
by Aaron.01
Good morning
Just wondered if you would be able to answer a question? We had an IVA around 2 years ago, how long do we have to tell people we have had one as we are currently looking at moving house and was wondering if it would stop us from getting a bigger mortgage
Kind regards
Posted: Fri Jun 14, 2013 9:16 am
by Michael Peoples
It may depend on when the IVA commenced rather than finished as your credit file will be damaged for 6 years from commencement. When did the IVA start?
Posted: Fri Jun 14, 2013 10:36 am
by Aaron.01
[quote]Originally posted by Michael Peoples
It may depend on when the IVA commenced rather than finished as your credit file will be damaged for 6 years from commencement. When did the IVA start?
[/quote
It started in march 06 and finished in march 12
Posted: Fri Jun 14, 2013 11:06 am
by Michael Peoples
You should be fine but use a broker such as Shaun Vicory or Ryan whose details are in the experts section. They would have better knowledge of who you could use and hopefully it works out for you.
Posted: Fri Jun 14, 2013 12:43 pm
by Shaun Vickery
You will have to disclose the IVA irrespective of whether it still shows on your credit file, and the lender will certainly ask the question. So it's just a case of finding the most suitable lender for your circumstances. You will generally need to think along the lines of a minimum 15-20% deposit. Hope that helps?