I have just had my full and final settlement agreed with Creditfix. Myself and my wife are looking to rent elsewhere due to a new job and wanted guidance on whether Estate Agents will accept us as tenants. Will there be a requirement to have 6 months rent upfront as well as a guarantor? We also wanted to know who would be the best person to speak to about mortgage application for the future
You can always speak to either Ryan or Shaun who are our resident mortgage experts. As to renting - private landlords are usually the best to try.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your IVA will be on your credit files until 6 years from the start date and will make you fail a credit check. Some letting agents work around this with more rent upfront, larger deposit or a guarantor --- or a combination of these. It varies from agent to agent. As Kallis says, you are more likely to have better luck with a private landlord who might not credit check.
Regarding mortgages: Again you really need to wait out the 6 year mark and get together a reasonable deposit. We have two brokers on forum who have considerable experience in adverse credit applications and much success in placing mortgages for us ex-IVA'ers with reasonable rates.
Their details can be gleaned from their profiles here:
Thank you very much. I am awaiting my completion certificate so I can send these to Call Credit, Equifax and Experian so they are notified that I have now paid and settled the IVA. Im actually going to have a good look at private landlords and see how I fair with them to start with and hope to get some clarity regarding mortgages for ex IVA ers.
Well done on getting this far! In terms of any mortgage application it can never do any harm to start preparing as early as possible - even if you aren't intending to but immediately. There's often a little bit of planning to do and, even if you wouldn't qualify immediately, at least you will have a good idea of where you need to get to. It always helps to have a plan!
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.