Post IVA Mortgage

ddraigy

Hi All,

Last year my wife and I were looking to get a mortgage for a property. After a lot of research, it transpired that due to me having just completed an IVA it would be difficult to get a mortgage with that on my credit record, and we should wait until 6 years after the date of judgement to look into it again.

The 6 years is up next week, and as far as I'm aware the judgement will drop off my credit record. I spoke to the same mortgage adviser this week who has started doing some leg work for me, but he has come back to me saying that lenders have recently changed their criteria so now require 6 years clear from date of completion!

I'm just after some advice as to whether this is now the norm, or someone is just trying to lead me into a product that will cost me in the long run.

Thanks in Advance

Tomg84

I may be mistaken but I believe that IVAs drop off your credit file after six years from the day they started. Mortgage companies may ask questions about if you've ever had an IVA. They may know if you've had an IVA if you've had previous dealings with the bank. I'm sure they'll be a mortgage provider out there for you especially after six years and what I suspect is now a clean credit file?

ddraigy

I'm hoping that next week my credit score will rocket as soon as the IVA judgement comes off. Which will give me a nice clean file :-)
If not, could be a bit scuppered on getting a mortgage.
Thanks for your help

ACG

Speak to another broker. Once you have been discharged for 3 years there are options, 4 years more options, 5 years more and 6 many more.

So you should have some options - although not a guarantee to be accepted.

Neutrinno

ddraigy wrote: »

Hi All,

Last year my wife and I were looking to get a mortgage for a property. After a lot of research, it transpired that due to me having just completed an IVA it would be difficult to get a mortgage with that on my credit record, and we should wait until 6 years after the date of judgement to look into it again.

The 6 years is up next week, and as far as I'm aware the judgement will drop off my credit record. I spoke to the same mortgage adviser this week who has started doing some leg work for me, but he has come back to me saying that lenders have recently changed their criteria so now require 6 years clear from date of completion!

I'm just after some advice as to whether this is now the norm, or someone is just trying to lead me into a product that will cost me in the long run.

Thanks in Advance

Lenders have not recently changed their criteria at all.

As long as it's been 6 years since IVA registration, it's satisfied and now off your credit file; there are at least 3 high street lenders who will consider you.

The majority of customers I deal with are in your exact same position. It is prudent to get a copy of your credit file before applying and ensuring there are no wrongly dated defaults on your credit file which could cause an issue. Former creditors should all have defaults dated no later than the IVA registration date, so therefore should be off your credit file also.