www.iva.co.uk

Hi is it possible to buy a house with an IVA in year 5? We have had our final review and just in the process of submitting a full and finally offer to clear our outstanding balance From a 6 month payment break and fees. Also any stories on closing with a final offer and how long it all took would be greatly appreciated.

It would be inadvisable to purchase a house while still in the IVA --- even after the F&F goes through .... before the issue of the certificate of completion. If you do then the house could be regarded as an asset and be subject to equity release.

After the certificate is issued you will have issues getting a mortgage until such time as your credit record heals ( 6th anniversary of the start date). It is possible, but very limited lenders and high rates. After the record clears you would be advised to speak to a specialist broker.

We do have a couple of experts on the forum with years of experience helping people in ivas but whilst IVA live still its unlikely you'll be approved for a mortgage.

Ryan and or Shaun, our experts, maybe able to give you some advice

Hi,
Whilst the IVA remians of your credit file, you would need a 30% deposit.
If you wait until it has cleared ie after 6yrs then it can be done with possibily only a 5% deposit.
Hope that helps.

Thanks Ryan ... always good to get a experts view point and things change.