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if you agree to do an iva, how long after the iva finishes can you move house or get a new mortgage. I have head it is 6 years after the iva has completed. is this correct?

Hi Luke and welcome to the forum,

The reference to 6 years is probably the fact that all credit history including an IVA would stay on your credit file for 6 years but that does not necessarily prevent you from moving house or getting a mortgage.

Depending on your situation,which you would need to discuss with an insolvency practitioner, if you needed to move home or had to remortgage for some reason as long as this was agreed at the start of the IVA it might be possible.

Usually however you cannot get a mortgage during this period, the key focus is stability with your budget and paying what you can afford to your IVA.

It is worth noting that during an IVA a homeowner is asked to release whatever equity possible to put into the IVA and whilst this is often not possible it means that there are mortgage companies working with people in IVAs.

Main thing would be to be open and clear with your IP on entering the IVA.

Hi, your credit file will not be clear until at least 6 years from your starting date. If it's a 5 year term, which is the norm, then the 6th year can be used to get your completion certificate and get defaults and any CCJ's etc removed from your files.

Hope this helps.

If you are considering an IVA it is likely that you would not get a mortgage now anyway based on affordability. If you do enter the IVA you will get a mortgage in the future although it could take as long as six years. If you are saddled with debts at the moment it could a lot longer than six years to repay so get some free advice from an IP firm.

We have 2 forum mortgage broker experts who would be willing to give you some free impartial advice...Ryan from Zebra Money and Shaun from Select. Their contact details can be found on the left under ask the experts a question.