www.iva.co.uk

Hi my boyfriend started his IVA in November 2017 just before I met him. I then payed off the Iva early for him August 2020. We are now hoping to buy our first home together. Current deposit of £12,000. Both work full time joint income of £37k a year. My credit rating is ‘excellent’ on Experian. I know we will more than likely need a much larger deposit but we just need some advice on whether we need to wait 6 years from the date he took out the Iva or can we start looking now because it’s been paid off early? Any help welcome! Thanks

His credit rating will be shot for six years in total and you will find that interest rats may be higher. You should also think about whether your credit rating will be impaired if you take out any joint borrowing whilst it is still on his record.

Have a chat with one of our resident mortgage experts, Shaun or Ryan. Details can be found under the experts link on the left hand side of the page.

A mortgage now is possible, at least in the light of the IVA --- other factors are in play at the moment with a possible recession which will affect everybody --- however lenders will be limited and rates may be higher. Once his credit record clears (2023) more lenders will be willing and rates will be lower.