www.iva.co.uk

Hi, Nov 11 I entererd into an IVA and contributed monthly payments. Jan 15 I agreed a settlement with the IVA company and paid them a lump sum of £8000. I do not have any other adverse credit history and my husbands is good with 2 current small loan agreements (never missed a payment). We have had our current morgage sice July 2006. Household income is around £37000 and we have a £50000 deposit (coming from savings and equity).

Do you think it is a realistic time to look for another mortgage and be accepted with a lender or are we stuck until Nov 2017 when the IVA mark falls off my credit completely?

If there is an advisor here who thinks they could help please could they contact me?

There are a couple of financial advisers who post here and they would be better placed to advise. However it may be possible to buy the property in husdand's sole name if affordability stacked up or your existing lender may agree to work with you.

Your credit file will not clear up until Nov 16 so it may be difficult to get a mortgage but contact Shaun Vickery from Select or Ryan and see if they can help. Their details are in the ask a question section.

Hi Clare

You are right that your credit rating will be affected by your IVA but that doesn't mean you definately cannot remortgage now if you needed to. You may just find that your choices of lender and product are more limited.

I would recommend you appraoach a lender and explain your circumstances and ask whether they would be minded to offer you a remortgage product BEFORE making a formal application, so that you have an idea of whether they will say yes before it makes a mark on your credit check.

I'm afriad there are no specific lenders I can personally recommend.

You could start by calling Which? mortgage advisors on 0808 274 5084

Good luck!

I can only echo the advice above, but would like to say "Hello and Welcome" to Lisa.

Lisa, please get in touch with Andy Davie to chat about getting Expert Status on the forum.

Michael, is it Nov 16 or Nov 17 it comes off my file if the IVA had started in Nov 11? Is it 5 or six years as I thought it was 6?

My husband could not solely mortgage a property because it's my income which is higher. Apart from Magellan (who I don't like the look of) can anyone suggest any other lender?

Sorry my maths are off and it is Nov 17. Pity about the income as that would have been an option. Self certification might have been useful here too but these products I believe are few and far between.

Magellan do lend but they are not cheap so you would need to take into account a number of factors before you decide to go with them. Would waiting for a clean credit file cost you more in the long run if prices continue to rise? Are prices going to fall making it wiser to wait?

If you do go with Magellan you will be stuck with their rates until at least Nov 17 but at this time you could move to the High Street. The only other company I have heard of that have lent to people post IVA is the Melton Mowbray Building Society but I have no idea what their criteria are or if they still even lend.

Try one of the experts like Shaun Vickery and maybe they can help.

Hi Foggy - I will do, thank you. I think it will take me a while to reach the amount the same amount of posts as you!