Buying a property

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Post by alex800 » Sun Jul 28, 2019 12:07 pm
Hello we have been in an IVA with PayPlan for 4 years. We have 2 years remaining but have just submitted an offer to pay the IVA off early.
We are a young family desperate to get on the property ladder as rent is extortionate and we are in an extremely good position of having a £40k deposit gifted to us when we are ready to buy. My question is will we have to wait until the IVA is cleared after the 2 years or will we be considered if the offer of completing the IVA early is accepted and we get our certificate of completion?
Hope someone can help advise us as we just want what’s best for our family.


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Post by kallis3 » Sun Jul 28, 2019 12:25 pm
Your IVA will remain on your credit record for six years, even if you pay off early which will impact on your credit score. May I suggest you speak to either Ryan or Shaun who are our mortgage experts and whose details can be found under the experts link on the left hand side of the page.
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Post by luluj » Sun Jul 28, 2019 9:28 pm
That's a great deposit to have but only when your IVA has completed and your certificate is in your hands ....

Ryan and or Shaun the forum experts would be best placed to advise ...

Good luck
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Post by Ryan » Mon Jul 29, 2019 9:59 am
Hi alex800,
Well done getting through the IVA!
There are a few things you might need to do before you can get a mortgage ie clearing up your credit file etc, this is something we could help you with if you need.
You will need the completion certificate before you can apply for a mortgage, but as soon as you have this it could be done
Hope that helps
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

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