Mortagage after an IVA??

losethedebtlou

Hi everyone!

I am in an IVA that is due to finish Nov 2011, I was told that an IVA stays on your file for a year after it finishes and is then wiped off. I have no other adverse items on my credit file. My plan is to see the IVA out then save up a deposit for a year or two after that with the money that used to be paid to my IVA (currently £521 a month!) Will I be able to get a mortgage after the IVA has been wiped off? Surely the credit report will be clear then? Most of my credit accounts are wiped off next year anyway and those that are in the IVA will obviously disappear with it. I am quite worried about this as I dont want my silly mistakes when I was younger mean that I cannot own my own home in the future. Hope someone can advise!

Louise

Matt1982

Yes you will but it will be at high interest rates and need a major deposit. However this is based on what is currently avaliable. Who knows what mortgage will be avaliable in 2011.

Concentrate on paying off you IVA and then saving for a bit.

losethedebtlou

My plan is to concentrate on paying off the IVA for now anyway and then save up a deposit. If the IVA is not on my credit report a year after it has finished because it drops off ,how will the mortgage companies know I had one in the first place?

VIGILANT22

An IVA is registered on the individual insolvency register.
The credit reference agencies use the individual insolvency register to keep their records up to date so if a person does an IVA it will be reflected on the persons credit file.
The credit file will have the IVA recorded on it for a period of six years from the start of the IVA

_Andy_

Also you'd need to declare it anyway on the app form