Mortgage - IVA Conpleted

Ikpo1979

hi guys,

I am in the very beginnings of looking to get a mortgage. Entered into an IVA on 22nd July 2020, completed the IVA on 22nd July 2025, and not the IVA will drop From my credit file imminently 22nd July 2026.

my question is, once this has gone from my credit file, will there be any issues in getting a mortgage? I understand that it is best to stay away from any bank that was included in my IVA as this could still potentially flag up.

Any other advice or questions would be most welcome .

Many thanks

ACG

Most lenders work from the date of discharge rather than the date of registration.

I can only think of 1 or maybe 2 banks who work from the registration date, if they were included in the IVA then you are going to be looking at rates of 7-8% with a 25-30% deposit I imagine.

If you get lucky, then you might be able to get high street rates.

I dont think we can name lenders but if you can tell us who was involved in the IVA, I can tell you if there might be options.

Ikpo1979

Thanks for getting back to me. I was under the impression it is 6 years from the start of the IVA? I have completion notice. Like I said, it should all disappear from my record very soon. In the IVA was Barclsycard Cabot (RBS), Lowell financial (Novuna), MBNA, Tesco Bank. PRA Group.

ACG

I think you might be limited to one lender at normal rates then. If they decline you, then I think your going to be waiting until you have been discharged for 3 years.

Ikpo1979

ok, but if it’s not showing on my credit file, then how would they know? I understand some lenders ask “in the last 6 years have you ever had Iva etc” which my answer would be No, and some lenders ask “have you ever had IVa, defaults etc” which I would have to answer Yesx I guess it’s just a case of knowing which ones ask which question.

ACG

But you would have, you were in an IVA up until last month.

If they ask if you have been in an IVA in the last 6 years (or even 6 months at this stage) the answer would be yes.

If it asks have you ENTERED an IVA in the last 6 years then you could answer that as no.

This is nationwide for example:

Insolvency

We cannot accept an applicant with an undischarged bankruptcy or an Individual Voluntary Arrangement (IVA). We'll consider applicants if this has been discharged for at least 3 years.

Santander:

Bankruptcy

Any client who has ever been bankrupt will be declined.

HSBC

The bank will not consider applications from applicants that are defined by the FCA as Credit Impaired as follows:

• Has been subject to an individual voluntary arrangement or bankruptcy order which was in force at any time within the last three years

They are not asking about when it started, they are asking about whether you were in an IVA within the given period.

Ikpo1979

ok great, thank you, that explains it! Just a mixture of wishful thinking and me being a bit dull 🤣🤣. Are you not allowed to name the lender that you think I would potentially have a chance with?

ACG

Im not sure. I would rather not just in case.

Speak to a broker though, see what they say.