Will the IVA drop off my credit file/report immediately once the 6 years has passed?
We have reserved a shared ownership property and our broker got us a mortgage but it was declined as 2 brokers submitted differing figures by accident when we were panicking and trying to find a mortgage. We have been told by our broker that once the IVA is off my records we can approach Other lenders. This will be on 15/01/2021.
My question is will the Iva disappear leaving us free to apply to other lenders. Luckily the housing association has said they’ll hold the property until this date to give us a chance to sort an alternative mortgage out. I’m just so anxious that it will still show up.
Any advice would be great
I would suggest a chat wih one, or both, of the whole of market brokers who post on here: Ryan and Shaun. Both are experienced in dealing with us ex-IVA'ers and adverse credit and have, between them, placed many mortgages. Their contact details can be gleaned from their profile pages here:
You do need to be careful now, as this will be the 3rd Credit check done on you, so there is every possibility you could fail it anyway.
It could also be logged on the Hunter system, as there are differing figures being submitted.
Make sure the broker you are now dealing with has lots of experience in dealing with clients who have IVA's, as most of them just dabble and are not experts in this.
Best of luck, hope it all works out, if not i would be pleased to help
IVA Mortgage Expert
Zebra Money Centre