Getting a mortgage having completed an IVA

Max_1066

Hi,

I completed a one-off IVA in June 2010 and hope to get a mortgage at some point. Obviously the current climate makes this much harder however I would be grateful for any advice.

Is it even possible to consider a mortgage or do I have to wait 5/6 years ?

Many thanks in advance.

moneysavingplumber

Depends on your level of deposit and what interest rate you want to pay. Defaults on your credit file must be dated no later than the start date of the IVA, and remain for six years from that date, although you can write to the creditors in the meantime and insist that they mark the account as satisfied. 90% mortgages will generally be out of reach (according to advice I've personally had from brokers) whilst defaults and the IVA remain on the credit file.

Max_1066

moneysavingplumber wrote: »

Depends on your level of deposit and what interest rate you want to pay. Defaults on your credit file must be dated no later than the start date of the IVA, and remain for six years from that date, although you can write to the creditors in the meantime and insist that they mark the account as satisfied. 90% mortgages will generally be out of reach (according to advice I've personally had from brokers) whilst defaults and the IVA remain on the credit file.

Thanks for the advice. 90% mortgages seem to be thin on the ground for everyone at the moment so I'm expecting to need a deposit of at least 15%. As the IVA has only recently been completed I'm trying to find out whether its worth investigating now or wait for 'X' amount of time before applying.

BTW Credit Expert offer a service (if you're an account holder) where they contact the creditors and ask them to amend their entries on the credit file to 'satisfied'. They also let you add a short 200 word commentary to the public records section so you can explain the reason for the IVA. I found them very informative and helpful.