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If I undertake an IVA, will I be able to get any credit for a loan, or even a mortgage at some point in the future?

The iva would stay on your credit file for 6 years from the day it starts. After that it should be wiped clean

Hi gf and welcome to the forum

In reality, you will probably be able to get credit soon after your IVA has finalised, however this may come at a loaded interest rate in view of your credit history. Mortgages are somewhat easier to raise than loans, as they are secured against property - but you will likely need to source at least a 10% deposit, as any higher loan to value will be difficult to obtain until your credit rating is clean.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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Hello gf.h,

An IVA will remain on your credit file for a period of 6 years from the acceptance date. You will be able to get credit after this period, however you may find that you will not get a high street lender rate.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Hi gf.h

You can obtain a mortgage during an IVA as long as the IVA has been run satisfactorily, but you will need the permission of your IP / creditors and be able to obtaining funding for the deposit of 10-15% from a friend or family member,

After an IVA you will be able to obtain a mortgage and the rate you could achieve will depend on your personal circumstances. The rate you can achieve improves the longer your application is from the completion of the IVA. You could achieve close to high street rates after 13 months of the successful completion of an IVA (obviously depending on your personal circumstances).


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