Hello Ryan, I hope you're well? I am looking for a bit of advice on a post-iva mortgage please.
Background is as follows. I entered my iva in 2012, settled in full in 2017 (earlier than forecast). The iva dropped off my credit report naturally after 6 years in 2018. We have recently sought the advice of what turned out to be a relatively inexperienced mortgage broker in terms of their iva knowledge, but they told us the following and I was hoping you could either confirm or deny this.
They said that most mortgage providers will only look at offering a mortgage 6 years after the iva has dropped off the credit report. Which would be 12 years after the start of the iva. I was initially under the impression it would usually be best to look when the iva was settled and it had been removed from my credit report at the 6 year mark... Is any of what he told us accurate in that we'd struggle to get a half decent mortgage before 6 years after the iva dropped off the report please? Thank you in advance!
I will flag Ryan to have a look at this, but I would doubt the experience of your broker. Lenders all vary, some (some) will wait 6 years post completion, and some 3 years, a few will never lend, but there are lenders who will lend after the 6 years from the start anniversary and, indeed, a few who will lend earlier.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Total nonsense, this person has not got a clue. We have helped numerous members on this forum get mortgages, some even when it was only off the report 1 day!
If you get in contact directly, we can look in to this for you straight away.
Thanks for alerting me Foggy.
IVA Mortgage Expert
Zebra Money Centre