Mortgage, IVA and Equity

joannejenius

Hi there

Sorry if my query may have already been answered.

I have an IVA, it is due to end in 2017, but I am desperate to move. I own my home with a mortgage. My IVA practitioner has already stated that they will not need my home to be remortgaged.

I need to move asap since I live far away from where I work and my child's school and my child is very tired due to the long journeys. But if I put my home on the market, I will be able to pay off the IVA and have sufficient equity for a more convenient home.

What do I do about a mortgage? Can I get one now, which lenders may help me get a mortgage with the history of the IVA.

Look forward to hearing from you

Thrugelmir

Your existing lender may well be able to help. If you propose to borrow no more or less than you already are.

ACG

Whilst you are in the IVA your only option is your current lender.
An IVA is treated very much like bankruptcy. I do not think legally you are allowed to take out any additional credit whilst in the IVA so you are basically relying on your current lender.

Olasunkanmi

Hello,
I am in IVA which is due to end in 2017. Please can anyone explain if the record can still be seen during credit checks after it might have ended in 2017? I currently pay £200 monthly to my creditors. Does the completion improve my credit rating in any way?

Thanks,

Ola

Foxy-Stoat_3

Olasunkanmi wrote: »

Hello,
I am in IVA which is due to end in 2017. Please can anyone explain if the record can still be seen during credit checks after it might have ended in 2017? I currently pay £200 monthly to my creditors. Does the completion improve my credit rating in any way?

Thanks,

Ola

The IVA board maybe a better place to post.

All credit history is seen within 6 years of the last default and your IVA will be shown for 6 years from the start.

You cannot take out credit while on a IVA so when you complete will only get better. How much better cannot be measured by paying a small fee and a few pointless numbers.