I completed an IVA in September 2015. The 6 year term is up on December 20th 2017. I wish to remortgage my property and remove my ex partner from the mortgage, whilst adding my new partner, my ex requires paying off also. My questions are;
1.) How quickly can I expect the recognition of the past IVA to be removed from my credit report? e.g. December 21st......or when the credit agencies carry out their monthly update?
2.) Once clear, I will need to remortgage to cover the existing value, which is £208000 plus borrow an additional amount of £20000, giving a total of £228000. The property is worth £270000, meaning the LTV will be circa 84%.......will this be achievable on the high street? I bank with Halifax and by all accounts, they are generally very amenable in these kind of situations. My credit score is currently 450 and my partners is good.
Have a read here re: credit score:
https://www.iva.co.uk/what-does-an-iva- ... dit-record
It should happen overnight on the 6th anniversary, as long as everything else is in order. Make sure it is already marked as completed, otherwise it will remain on file. The credit reports that we see on the likes of Clearscore and Noddle are updated online monthly, but the "live" reports that creditors see are updated in real time, apparently.
Regarding the mortgage, all lenders vary in their criteria as well as their attitudes to past IVA's. It will also depends on whether they ask "that" question and the wording they use: "Have you ever been in an IVA?" or "Have you entered an IVA within the last 6 years?"
We have two mortgage experts on the forum: Ryan and Shaun, who have both been able to place mortgages for many forum members, some with Hight Street lenders, at reasonable rates. Their details can be found here:
They are listed towards the bottom of the yellow section.
Thanks for your help. Much Appreciated
Affordability should not be an issue and Foggy's point re questions from potential lenders is an interesting one, as Halifax clearly ask if you have started an IVA in the past 6 years. From December 20th, the answer of course is.....NO!
The only negative on my credit report is a 'previous IVA' which is marked as completed. So as soon as this disappears, I should expect to be able to obtain a mortgage.
Ryan - I may well be in touch.
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