Firstly let me start by saying this forum has been godsend and source of great information reading about people's experience. Up to now been a read only user but signed up for some advice.
So me and my wife completed our IVA last month following a long 7 years but it has been worthwhile experience and life lesson and we are better for it. As it started back in 2011 the impact on our credit record has been almost instantaneous with score being excellent to good across 3 main agencies presumably as it has been over 6 years since we started iva. The insolvency register has also been updeted with completion date however it still showing on their website 3 months from completion date. Our Clearscore report says an entry is due in next 10 days in relation to notification of iva completion but unsure whether it will actually show on report since at via started in 2011.
My question is when would be right time to apply for mortgages?
Our intention is to put our flat on market (we have quite a bit of equity) and use an all of market broker specifically someone who has experience in dealing with people who had difficulties in past. If anyone could share some recommendations that would be appreciated.
I just replied on your other post - as it began over 7 years ago there are certainly High Street Lenders who would consider lending at this time. We have certainly managed to obtain Mortgages for many others in similar situations.
IVA Mortgage Expert
Zebra Money Centre
I completed my IVA in August 2016. I was given a Mortgage by a high street bank last month.
It has been a struggle but finally I am seeing daylight. Once the IVA was finished I saved the IVA amount. I have 1 credit card from current account provider used only to get a better credit score. Anything I spend on it the money already has to be alloxated for.
The only thing I did not save for was my car.
Which I have a bank loan for.
I would be wary of approaching High Street lenders directly as, despite their published policies, the way they treat IVA's varies (indeed, sometimes from branch to branch of the same lender!). We have had at least one former poster (in addition to Joanna, above) who has actually done this and was lucky on his first attempt (if you get refusals, they stain the credit record and make following applications difficult). We have also had a few, who have gone direct, get agreements in principle to a mortgage, only to be turned down when the house purchase was actually underway!
I would advise that you chat to a whole of market broker with specific experience in adverse credit. We do have a couple who post on here; Ryan and Shaun. Their contact details are here: