IVA & Credit Rating?

chirpychick

Hi
We have been in our IVA for 2 years 5 months now (1 month shy of half way !!yay!).
I just wanted to check my credit rating and see that everything was correct on my credit file, I did this as when our IVA is over we would like to move house so I want to make sure everything is as it should be for when we need a new mortgage (if that will even be possible!).
Anyway I used noddle but then read that it wasn't as accurate so I did a free trial with experian.
Noddle gave me a credit rating of 1/5 which was expected but experian gave me a credit rating of 999 aka excellent
I just wondered really why and in 3 years 7 months when the defaults drop off my credit file will it be likely or unlikely that we will be able to get a new mortgage?
Also can we remortgage to a better deal now? We were on a fixed rate for 5 years but that ended last year and our mortgage payments are just under £1,000 a month (we only live in a small 1.5 bed house!) My husband says we can't get a better deal because of the IVA but we haven't ever missed a mortgage payment.
I was so young and naive when we brought our house I had no idea really about mortgages etc and I am trying to figure it all out.
Any help greatly appreciated.

UpToMyNeckInIt

I understand that it is nigh-on impossible to remortgage in an IVA.

You might be able to get away with approaching your existing lender I guess, to see if they can sort you out a new deal.

You might want to check your paperwork regarding the 'equity release' clause in your IVA. You will usually be required (subject to 85% or better LTV and affordability criteria), to attempt a remortgage in Month 54, releasing equity for the IVA.

Worth running this all past your IP.