Will a F&F offer early on in my IVA enable me to get a mortgage ?

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by kelly758 » Wed Nov 29, 2017 11:09 am
Hello, I am wondering if you can help me. I have just finished my first year into a 5 year IVA but long to own my own house and move out of my parents. Is there no other choice but to wait the 5 years (including the additional year to fall off my credit file) or is there any other way I can get around this. I.e if my parents made a full and final offer which was accepted (is this likely so early into an IVA?) could I then apply for a mortgage as technically it would be “completed”. I seem to get a different answer every time I research so I’d be grateful of any help/advise anyone can send in my direction!
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by Foggy » Wed Nov 29, 2017 11:20 am
The thing is that the mortgage market is constantly changing and just as it was once possible to get a mortgage with an IVA on file, so might it be again. But, the rates would be horrendous and you would eed an eye watering deposit! However, at the moment it would be nigh on impossible to get a mortgage while the IVA is on your credit file and a F&F will make no difference to that.
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by Ryan » Wed Nov 29, 2017 11:20 am
Hi Kelly,

The High Street Lenders view an IVA as a 6 year agreement and it sadly makes no difference to most of them if you settle it early - many won't lend until 9 years after the IVA began, some will never lend. Alternatively some will consider lending 6 years after the start date or possibly 3 years after the Completion certificate has been issued if settled early.

There are a few specialist Lenders who may consider lending once you have settled early but they would be looking for big deposits.

Feel free to conatct us using the information below though to discuss your situation in more detail.

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