We did a full and final IVA in 2010 where we paid a lump but hadn't missed any payments up until then. Do we have to wait until 2016 to be able to remortgage as I am assuming the bad credit will be on our records for 6 years still even though we didn't do a standard 5 year IVA?
Our fixed rate is due to finish next this month so I would like to know what our options are, thanks
Always worth having a word with one or both of our mortgage experts: Ryan & Shaun, whose details can be found under the "Ask a Question" Button, top left, and scrolling down the page.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's the statutory time limit for records remaining on your credit files, Doritos. If you have a default, for whatever reason, it sits there for 6 years. IVAs are no different I am afraid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There may be mortgage lenders out there who will look at you favourably now - given that you must have a good debt free record since the IVA was repaid. It would be interesting to see Shaun or Ryan's view on possibilities, especially if you have a substantial deposit to put down.
We were able to get a mortgage via Ryan whilst the iva remained on record after a full and final offer. The interest rate was almost three times the normal rate but to us it didn't matter as it was getting a foot on the ladder. Now that all is clear on our records Ryan is starting the process to find us a much better deal and reduce the numbers of years left.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks for all your help looks like I will have to stick with santander's variable rate for the next 2 years and hope for the best that interest rates don't go too high
