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Paid out of IVA after 11 months!
Posted: Tue May 07, 2019 10:42 am
by Ds1991
Hi, I paid off my IVA with a full and final a few months back and have my compeltion certificate and I am slowly rebuilding my credit with a capital one credit card...
My question is when would I be able to start applying for a mortgage?
Re: Paid out of IVA after 11 months!
Posted: Tue May 07, 2019 10:49 am
by kallis3
I'm afraid you will have to wait until your credit record is clear which will be six years from when it started.
Re: Paid out of IVA after 11 months!
Posted: Tue May 07, 2019 10:51 am
by Ds1991
Ok thank you,
Even with a joint application?
Is there no chance of trying in around 3 years?
Re: Paid out of IVA after 11 months!
Posted: Tue May 07, 2019 10:53 am
by kallis3
Pobably not and if you did you'd find interest rates very high.
Re: Paid out of IVA after 11 months!
Posted: Tue May 07, 2019 10:59 am
by Foggy
It is possible, I am told, but the rates will not be very competitive. Both Shaun and Ryan might be worth chatting to initially:
Shaun:
memberlist.php?mode=viewprofile&u=22837
Ryan:
memberlist.php?mode=viewprofile&u=18488
Re: Paid out of IVA after 11 months!
Posted: Tue May 07, 2019 3:10 pm
by Ryan
As Foggy says there may be a Specialist Lender willing to lend now if you have access to a large deposit (possibly 30% plus). Otherwise 3 years after your completion certificate was issued is the earliest that we may be able to obtain a 'normal' mortgage for you with a minimum 15% deposit. 6 years after the IVA began we can currently obtain mortgages under the Help to Buy scheme and with deposits as low as 5% with some High Street Lenders.
Regards