Mortgage post IVA finishing

Firstly, apologies if this should be in the mortgage section (mods feel free to move it if it should be).

My IVA was setup in Sept 2017, I did a F&F in 2021 which concluded and received completion certificate in Oct 2021, Insolvency register was updated and I was removed shortly after that. My IVA and all associated debts dropped off my credit files (all 3) in Oct 2023 so 2 months ago. 

I am looking to purchase a property as I have been wanting to be on the property ladder for as long as I can remember. I've managed to get together a good deposit since I completed the IVA in 2021, however, I am reading really conflicting information and I can't seem to get a definitive answer.

Because an IVA is an ongoing agreement until such time as a completion certificate, does the '6 year window' for mortgage lenders start from that point, the point of IVA setup and registration or the point at which it drops off all credit files?

So a question with my bank (High Street Bank) is 'you've not arranged a debt repayment plan with creditors, been declared bankrupt or had a county court judgement against you in the last 6 years'. 
Technically, I arranged the IVA in September 2017 which is more than 6 years ago, but how would I answer this question?

Any thoughts or experiences would be greatly appreciated.
Save £12k in 2023 challenge #32
Saved Total = £12,000 / £12,000
Save £5k in 2024 challenge #32
Saved Total = £1,184.85 / £5,000

Secured/Unsecured loans x 0
Credit Cards x 6 (total limit £24,250)
Creation FS Retail Account x 1
0% Overdraft x 1 (£250)
Mortgage x £140,250
Debt = £1,014 (0%APR due 22nd July 2024)

Charity fundraising goal for 2024 = £1,000 for animal rehoming / dog fostering etc

Comments

  • fatbelly
    fatbelly Posts: 20,224
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    So a question with my bank (High Street Bank) is 'you've not arranged a debt repayment plan with creditors, been declared bankrupt or had a county court judgement against you in the last 6 years'. 
    Technically, I arranged the IVA in September 2017 which is more than 6 years ago, but how would I answer this question?

    Any thoughts or experiences would be greatly appreciated.
    The answer to that question is no.

    You've not arranged a debt repayment plan with creditors, been declared bankrupt or had a county court judgement at all.

    Don't overthink. If they had wanted to ask 'Have you had an IVA or DRO?' the language is there for them to ask that
  • Thanks FatBelly, I just absolutely don't want to get this wrong, if I get it wrong it appears the consequences could be very severe from what I have read.

    Some websites say that once everything has dropped off credit files and there no longer any trace on your record/insolvency register etc it should be a lot easier to find better rates from a larger pool of lenders, however, other websites seem to suggest that it is basically 6 years since the settlement of the IVA (which could be as much as 12 years in total since the start of the IVA) before you can safely apply for a mainstream prime mortgage lender?
    Save £12k in 2023 challenge #32
    Saved Total = £12,000 / £12,000
    Save £5k in 2024 challenge #32
    Saved Total = £1,184.85 / £5,000

    Secured/Unsecured loans x 0
    Credit Cards x 6 (total limit £24,250)
    Creation FS Retail Account x 1
    0% Overdraft x 1 (£250)
    Mortgage x £140,250
    Debt = £1,014 (0%APR due 22nd July 2024)

    Charity fundraising goal for 2024 = £1,000 for animal rehoming / dog fostering etc
  • sourcrates
    sourcrates Posts: 28,526
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    IVA`s appear on your credit file for 6 years from the date they are approved.

    You also appear on the insolvency register for the same period of time, your details are normally removed 3 months after your IVA completes.

    There is no other public record of your insolvency, once your details are removed from the above, there will not be any public trace of your IVA.

    You also have to read the question carefully, which is what fatbelly was referring too, they didn`t ask about IVA`s, they asked -

    "have you arranged a debt repayment plan with creditors, been declared bankrupt or had a county court judgement against you in the last 6 years ?"

    to which you would answer "No".
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