www.iva.co.uk

Dear Sir/Madam,

I have finished my 5 year IVA this month (July 2013) and according to experian I have an excellent credit rating?? What i would like to know is if it would be possible to apply for a mortgage as we need a bigger house. Many Thanks David Warren

Hi and welcome to the forum. Fab that you've finished your IVA successfully...well done. The IVA will sit on your credit file for 6 years from date of acceptance. Once you get your completion certificate your IVA will be taken off from the Insolvency register.

Some posters have used the expertise of Shaun or Ryan who both post on the forum and are mortgage experts...their details can be found under the ask the experts a link to the left. They will be able to give you sound advice as I'm sure some other posters will be able to.

Welcome to the forum and well done for finishing the IVA.
Lesley provides you with two good starting points ...both Ryan and Shaun come recommended and have helped a number of forum members (me included)

Possible to apply, but don't be too disappointed if you get turned down. Some lenders like to see a clear year from the time an IVA has ended before they will consider lending, and you may need a chunky deposit to put down as well.

Morning David and congratulations on completing your IVA. There's some preparation you'd be advised to do in advance to ensure that your credit file is in the best shape possible before you apply but ignore the score that the credit reference agency provides. Lenders have their own unique scoring systems. You will likely to need a minimum deposit of 15%. Even if that isn't possible immediately you can still do they spade work in the meantime but what you need to do will depend on your individual circumstances.

That is useful advice for all of us to take on board Shaun.

Melanie, is that a year from closure or final payment?

Also, does it help having a partner getting a mortgage with you who has never had any debt problems?

It entirely depends on individual circumstances. Lenders all have individual criteria and bear in mind this only relates to one aspect of their decision process. There are various other, sometimes quite detailed criteria. Having a partner without prior credit problems can help in some cases and it certainly can't do any harm! There's no one rule that fits all though I'm afraid.

Thanks Shaun. I plan to call one of the experts here when my credit reports are all in order. Do you know which lenders are the best to apply to under these circumstances?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JoJo79

Thanks Shaun. I plan to call one of the experts here when my credit reports are all in order. Do you know which lenders are the best to apply to under these circumstances?

It's really impossible to say (I'm really not intending to be evasive please believe me but it will entirely depend on your circumstances). It's also important to avoid applying to too many lenders as well because that can have a detrimental affect on your chances of success. Multiple applications make lenders nervous and can jeopardise chances of success. Bear in mind also that your definition of your credit file being 'in order' aren't necessarily the same as a lender's but conversely what you may think is not in order may be perfectly ok! You really would be best advised to speak to an expert who deals in this area.

I will, thank you. I'm talking just in general terms at the mo so I understand what you're saying. I wanted to be on the market last autumn after making the final payment in Feb last year. And the thought of potentially having to wait a clear year from closure is upsetting. But as you say, every case is different so I hope mine will be.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JoJo79

I will, thank you. I'm talking just in general terms at the mo so I understand what you're saying. I wanted to be on the market last autumn after making the final payment in Feb last year. And the thought of potentially having to wait a clear year from closure is upsetting. But as you say, every case is different so I hope mine will be.

It's not necessarily 1 year from completion, particularly if your IVA is over 6 years since registration. Without repeating myself, it does depend on the rest of the scenario.

Useful info, thanks Shaun, but as you say, things will differ for different people depending on their situation.