I am currently almost one year into a new IVA and am wondering about my options after it is completed, when I want to buy a new house. I currently have a mortgage and my provider has said that I cannot re-mortgage or move house until 6 years after the IVA is completed, i.e. 10 years from now. I believe the IVA comes off my credit rating in 6 years but obviously it's up to lenders what further restrictions they apply.
What I'm wondering is whether anyone has a list or reference of which providers offer mortgages to people more quickly after an IVA is completed. I have no intention of changing my mortgage until the IVA is completed. Or failing a reference/list, whether other members could tell me when they have managed to get a mortgage after IVA completion. For example are there providers who will lend right afterwards, 2 years later, etc.
And what are the typical terms, e.g. presumably the deposit needs to be higher.
There have been several forum members who have managed to get a mortgage post IVA -- one at least from a high street lender at current rates. The lending criteria do vary from lender to lender, but it looks like the market might be relaxing a little.
We are lucky to have a whole of market broker on here, who can advise further. His contact details are in his profile and his forum name is Ryan.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Definately worth contacting Ryan - he has helped a few forum members (me included) and has been able to negotiate some good deals for people at different stages of their IVA.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
