www.iva.co.uk

so now we have the dreaded black mark of an iva against us does this alter the multiples of what mortgage companies decide to lend us? i think we may have up to 30% as a deposit on a new house we have seen costing £400k but im not sure how far this iva will go against us even though it's completed.

Hate to burst your bubble but with the iva against you it will be unlikely that a mortgage will be available until after it has concluded and your certificate received, credit records cleared.

Expert advice through Ryan or Shaun our forum experts may offer other advice on what can be done.

It depends what you mean by black mark and how long ago you completed.
If its over the 6th anniversary, the IVa has gone from your credit report and your report is clear of defaults then you shouldnt have too much of a problem.
If you dont have a clear report and still trace of iva/bad credit history then you may struggle.
We completed in oct 2018. Credit reports totally clean and today got told we can have a mortgage with a High street lender on a low rate.
I highly recommend Select Partnership to help you find a suitable product.

Mark,

As has been said it will depend on when the IVA began - if it's over 6 years ago we have access to High Street Lenders who will look to lend normally with as low as a 5% deposit (subject to credit score) and also under the Help to Buy scheme. So if your IVA began over 6 years ago with that size deposit we would be looking at very good interest rates.

Regards

the iva technically ended in september last year with that being my last payment but with apertures speed of a dead sloth in getting things done i only got my certificate through in march and im hoping for it to come off the insolvency register the end of this month. i had read somewhere that people who are or had been in an iva don't get as good multiples for working out what mortgage you can get, seems a bit unfair if that is the case.

The best advice I can give having been where you are a few months ago is to be patient amd concentrate on clearing up credit report.
Make sure you register with Clearscore, Experian, Totally money, Credit Karma...all are free to register with amd give you free access to score and report.
Get defaults off, wait for IVA to disappear and credit score to rise and for report to be clear of any bad history. It will do.
Then speak to Shauns team at select.
They have just got us a seriously low rate mortgage on an amount i never dreamed of being about to get at this stage post iva.
They are good and thorough and will advise if they can do anything now or if you need to wait a bit longer.
Things dont chamge overnight, it has taken nearly a year but if clear you can get same rates as someone without iva history.

Hi Mark,

Many Lenders won't lend but those that will offer the same multiples following an IVA as for every other Client. Feel free to contact us though for further information.

Regards

i might do that ryan do i need to have any info ready for you?

Make the call to Ryan and his team..they will talk you through it and advise what you need. Am hopeful they will be able to support you ..they come highly recommend by lots of forum members.

Mark,

If you speak to Mike he's the best point of contact in the Office, he won't ask you anything too taxing!

Regards