Will iva still stay on my file even if it fully settled & cleared in 2.5 yrs?

[Ryan]

Hi,

Nothing has really changed too much where mortgages are concerned so the previous posts are still true. Firstly you would need to settle the IVA prior to being able to obtain a mortgage - if you then have access to a large deposit (around 30%) there may be specialist Lenders who would look to lend subject to affordability.

Regards

[Foggy]

Extremely unlikely that you will get a mortgae from a lender that will allow you to keep your knees in the event of a missed payment ! Even if you could -- by joining in with the partner, you will taint that squeaky clean record they currently enjoy.

[gemma685]

The Lenders who may lend if you pay the IVA off early will charge you a premium for doing so. Sadly some Lenders never lend after an IVA, many won't lend for at least 9 years from the start date, a few High Street Lenders may consider lending 6 years after the IVA began or possibly 3 years after Early settlement.

Regards

Hi Ryan,
How will lenders know that you have been in an IVA once you have passed the 6 year mark and it is no longer on your report? Thank you

[kallis3]

Some keep records longer than 6 years - mortgage lenders usually, but once it has disappeared for normal credit you should be ok. If you are looking for a card it is worth doing a soft search which does not show up on your record.

[Shaun Vickery]

Hi Gemma. The simple answer to the question is that they will ask you.

[Foggy]

The Lenders who may lend if you pay the IVA off early will charge you a premium for doing so. Sadly some Lenders never lend after an IVA, many won't lend for at least 9 years from the start date, a few High Street Lenders may consider lending 6 years after the IVA began or possibly 3 years after Early settlement.

Regards

Hi Ryan,
How will lenders know that you have been in an IVA once you have passed the 6 year mark and it is no longer on your report? Thank you

They ask the question on the application form. Bear in mind, when you answer this question, that they might already know the answer and lying is fraud.

There are various anti-fraud databases that the likes of mortgage lenders and insurance companies share which could hold such information after your credit file has cleared down. I suspect there are other archives out there that also survive the 6 year limit ---- PPI claims going back decades spring to mind.

[gemma685]

Thank you, I assume the only best time to apply for a mortgage is after the 6 year mark and then a few years after that lol

[Shaun Vickery]

It's ordinarily the best time when it comes off your credit file. It can often be done before that but deals are not normally as competitive.