Can I get a mortgage after my IVA

Smile21

I took out an IVA in Jan 2015, I paid off the IVA in April 2017. I believe this will no longer be on my credit file come Jan 21? 6 years 

I'm desperate to get a mortgage so my ex doesn't sell my home, I've been told the lending market will open up to me after the 6 years (Jan 21) and I won't pay a premium for borrowing. Is this correct? 

mwarby

it will depend more on affordability than anything else I think

Many mortgage companies count from the end of the IVA not the beginning, although it may drop from your credit file you will be asked if you've ever had an IVA (or made an arrangement with creditorstype wording which is legalese for IVA)

I suggest you use a broker, as 3-4 years after completion you need to pick the lender and frame the application well, it may be that an online application gets rejected just because you have ever had an IVA

CarolTeddy

I agree. Definitely use a broker. We were able to get a mortgage 5 years into the IVA. We had completed the IVA after 2 years. We are accepted for a mortgage but through a specialist lender. We had to pay a 25% deposit and we have a fixed rate high interest rate for 5 years. We couldn’t have got this other than through a broker who specialised in Iva mortgages. I’m hoping to change to a lower rate mortgage in August when our 6 years is done. 

Hope that helps. 

Calamityjen

I started an IVA in 2012 and it completed in 2016, I have just secured a FTB mortgage with a 10% deposit and 2.04% interest rate with HSBC.  I did go through a mortgage broker and was 100% honest and up front.